VTOL · CIK 0001525221
What Bristow Group Inc. told the SEC could break it.
Bristow's disclosures are about concentration in its contracts, its geography and its aircraft supply. A few customers carry the business — its three largest were 36% of 2025 revenue and the top ten 63%, with 66% from offshore energy services — and one of its biggest single contracts, the UK search-and-rescue contract with the Department for Transport (about 19% of revenue), can be cancelled by the DfT at will for a specified fee. Its footprint is heavily international: roughly 83% of revenue came from non-U.S. operations across 15 countries, including politically sensitive offshore-energy markets like Nigeria's Niger Delta, Brazil and the North Sea. And to keep its fleet flying it depends on a limited number of OEMs — Sikorsky, Leonardo, Nova Systems and GE Aviation — for the supply and overhaul of aircraft components.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- UK SAR/DfT contract 19% of revenue (terminable at will); three largest customers 36%medium
The UK SAR contract with the UK Department for Transport accounted for ~19% of 2025 revenue and can be cancelled by the DfT at will; the three largest customers were 36% and the top ten 63% of revenue, with 66% from offshore energy services.
“Our UK SAR contract, which accounted for approximately 19% of our revenues for year ended December 31, 2025, allows the DfT to cancel the UK SAR contract for any reason upon notice and payment of a specified cancellation fee based on the number of bases reduced as a result of the exercise and the timing of the exercise.”
SEC filing →As of 2026
Geographic concentration
- ~83% of revenue from non-U.S. operations (incl. Nigeria, Brazil, Norway, UK)medium
Non-U.S. operations accounted for approximately 83% of consolidated revenue in 2025, spanning 15 countries including politically sensitive offshore-energy markets such as Nigeria's Niger Delta, Brazil and the North Sea.
“During the year ended December 31, 2025, we generated revenues in 15 countries across the world. Our non-U.S. operations accounted for approximately 83% and 83% of our consolidated revenues in the year ended December 31, 2025 and 2024, respectively.”
SEC filing →As of 2026
Supplier concentration
- Limited number of OEMs for aircraft component supply and overhaulmedium
Bristow depends on a limited number of suppliers, vendors and OEMs (Sikorsky, Leonardo, Nova Systems, GE Aviation) for the supply and overhaul of components fitted to its aircraft in connection with required maintenance.
“there are a limited number of suppliers, vendors and OEMs that we are able to rely on (such as Sikorsky Commercial Inc., Leonardo Spa, Nova Systems International Ltd., and General Electric Aviation Inc.) for the supply and overhaul of components fitted to our aircraft in connection with required maintenance and”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Cougar Helicopters Inc.
“We own a 25% voting interest and a 40% economic interest in Cougar Helicopters Inc. (“Cougar”), an offshore helicopter services provider in Canada.”
Cited →
Its suppliers
Nova Systems International Ltd.
“there are a limited number of suppliers, vendors and OEMs that we are able to rely on (such as Sikorsky Commercial Inc., Leonardo Spa, Nova Systems International Ltd., and General Electric Aviation Inc.) for the supply and overhaul of components fitted to our aircraft in connection with required maintenance and”
Cited →Sikorsky Commercial Inc.
“there are a limited number of suppliers, vendors and OEMs that we are able to rely on (such as Sikorsky Commercial Inc., Leonardo Spa, Nova Systems International Ltd., and General Electric Aviation Inc.) for the supply and overhaul of components fitted to our aircraft in connection with required maintenance and”
Cited →
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