Bristow Group Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

12 Months Ended

Mar. 31, 2022

Due to common ownership of Cougar, the Company considers VIH Aviation Group Ltd. and its subsidiaries (“VIH”) as a related party.

The Company leases six aircraft from VIH and paid lease fees of $9.8 million, $12.9 million, $5.5 million and $8.6 million for the fiscal years ended March 31, 2022 and 2021, five months ended March 31, 2020 and seven months ended October 31, 2019 (Predecessor), respectively. The Company leases a facility in Galliano, Louisiana from VIH and paid lease fees of $0.2 million, $0.2 million, $0.1 million and $0.1 million during the fiscal years ended March 31, 2022 and 2021, five months ended March 31, 2020 and seven months ended October 31, 2019, respectively. As of March 31, 2022 and 2021, $1.8 million and $2.6 million, respectively, of accounts receivables from related party affiliates were included in accounts receivables on the consolidated balance sheets. As of March 31, 2022 and 2021, the allowances for doubtful accounts related to accounts receivable due from affiliates was $1.3 million.

Revenues from related parties for the periods reflected in the table below were as follows (in thousands):


	Fiscal Year Ended March 31, 2022		Fiscal Year Ended March 31, 2021		Five Months Ended March 31, 2020		Seven Months Ended October 31, 2019
	Successor						Predecessor
Revenues from contracts with related parties	$	8,303	$	12,108	$	8,413	$	12,015
Other revenues from related parties	22,565		30,339		14,910		18,599
Total revenues from related parties	$	30,868	$	42,447	$	23,323	$	30,614