Bristow Group Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

EQUIPMENT ACQUISITIONS AND DISPOSITIONS

EQUIPMENT ACQUISITIONS AND DISPOSITIONS

3 Months Ended

Mar. 31, 2013

Property, Plant and Equipment [Abstract]

During the three months ended March 31, 2013, capital expenditures were $19.4 million and consisted primarily of a helicopter acquisition and deposits on future helicopter deliveries. The Company records helicopter acquisitions in Property and Equipment and places helicopters in service once all completion work has been finalized and the helicopters are ready for use. A summary of changes to our operating helicopter fleet during the three months ended March 31, 2013 is as follows:

Equipment Additions. During the three months ended March 31, 2013, the Company placed two medium helicopters in service, which were acquired in the prior year.

Equipment Dispositions. During the three months ended March 31, 2013, the Company sold or otherwise disposed of property and equipment for cash proceeds of $19.1 million and receivables of $13.9 million, resulting in gains of $10.7 million. In addition, the Company recognized previously deferred gains of $0.1 million. Major equipment dispositions for the three months ended March 31, 2013 were as follows:



Light helicopters - twin engine ⁽¹⁾		2
Medium helicopters		3
Heavy helicopters		1
		6

During the three months ended March 31, 2013, the Company recognized a $5.4 million gain on the sale of an Eurocopter EC225 helicopter. The helicopter was previously on contract-lease to a customer and was damaged in an incident in May 2012, and it was subsequently sold to that customer in March 2013 for cash proceeds of $13.1 million and a note receivable of $11.5 million.

During the three months ended March 31, 2013, the Company recognized $2.1 million in insurance proceeds on a Sikorsky S76A helicopter involved in an incident in March 2013, resulting in a gain of $1.2 million.

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(1) Includes two light-twin helicopters that had previously been removed from service.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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