The agreement for helicopter services, which expires in February 2010, includes a rate increase retroactive to July 1, 2007 and rate escalations effective July 2008 and July 2009. Bristow expects to recognize retroactive rate increases and resulting revenue of approximately $1.2 million for the September 30, 2007 quarter in the Company's December 31, 2007 quarterly results.
"We are pleased to announce that we have completed the previously announced contract renegotiations with all of our major customers in Nigeria," said William E. Chiles, President and Chief Executive Officer of Bristow Group. "This latest agreement should result in improved operating margins for our West Africa business unit and is an important step towards meeting our return on capital goal for this region."
Most Popular Articles
From the Career Center
Jobs that may interest you