Bristow Settles Nigerian Charges
Bristow Group has consented to the issuance of an administrative cease-and-desist order by the Securities and Exchange Commission, in final settlement of a previously disclosed investigation. The Company cooperated with the SEC's investigation, as is acknowledged in the SEC's order issued today. The SEC did not impose any fine or other monetary sanction upon the Company.
The SEC's investigation related to certain improper payments made by foreign affiliates of the Company in Nigeria. The Company discovered the activity in question, conducted an internal investigation, voluntarily reported the matter to the SEC and provided disclosure in a Form 10-K for its fiscal year ended March 31, 2005. Without admitting or denying the SEC's findings, the Company consented to be ordered not to engage in future violations of certain provisions of the federal securities laws involving improper foreign payments, internal controls and books and records.
In the quarter ending September 30, 2007, the Company expects to reverse approximately $1 million previously accrued for fees and other costs in connection with the expected outcome of this matter.
Bristow Group Inc. is the leading provider of helicopter services to the worldwide offshore energy industry based on the number of aircraft operated. Through its subsidiaries, affiliates and joint ventures, the Company has major transportation operations in the U.S. Gulf of Mexico and the North Sea, and in most of the other major offshore oil and gas producing regions of the world, including Alaska, Australia, Mexico, Nigeria, Russia and Trinidad. Additionally, the Company is a leading provider of production management services for oil and gas production facilities in the U.S. Gulf of Mexico. The Company's Common Stock trades on the New York Stock Exchange under the symbol BRS.
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