Bristow Group Inc 2025年度报告

ANNUAL REPORT PURSUANT TO SECTION13 OR15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the fiscal year ended December31, 2025 OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission FileNumber001-35701 Bristow Group Inc. 72-1455213(IRS EmployerIdentification No.) Registrant’s telephone number, including area code:(713) 267-7600Securities registered pursuant to Section 12(b) of the Act:Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Stock, par value $0.01 per shareVTOLNYSE Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.☑YesNo Indicate by check mark whether the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes☑No Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required tofile such reports), and (2)has been subject to such filing requirements for the past 90 days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerAccelerated filerNon-accelerated filerSmallerreportingcompanyEmerging growthcompany☑☐☐☐☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b))by the registered public accounting firm that prepared or issued its audit report.☑ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to§240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☑The aggregate market value of the voting stock of the registrant held by non-affiliates (in thousands) as of June30, 2025 was$816,833.The total number of shares of common stock(in thousands),par value$0.01 per share,outstanding as ofFebruary23, 2026 was 29,191. The registrant has no other class of common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE:Portions of the registrant’s Definitive Proxy Statement relating to the registrant's 2026 Annual Meeting of Stockholders, to be filed within 120 days after December 31, 2025 pursuant to Regulation 14A of the Securities Exchange Act of 1934, areincorporated by reference to the extent set forth in Part III, Items 10-14 of this report. BRISTOW GROUPINC. AND SUBSIDIARIESFORM 10-KTABLE OF CONTENTS PageBRISTOW GROUPINC. AND SUBSIDIARIES2FORM 10-K2TABLE OF CONTENTS2FORWARD-LOOKING STATEMENTS4PART I6ITEM 1. BUSINESS6General6Segments and Markets6Seasonality8Equipment and Services9Customers and Contractual Arrangements10Competitive Conditions11Environmental, Social and Governance11Safety and Standards13Human Capital Management13Government Regulation16Information about our Executive Officers20Where You Can Find More Information21ITEM 1A. RISK FACTORS22ITEM 1B. UNRESOLVED STAFF COMMENTS36ITEM 1C. CYBERSECURITY36ITEM 2. PROPERTIES38ITEM 3. LEGAL PROCEEDINGS38ITEM 4. MINE SAFETY DISCLOSURES39PART II39ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDERMATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES39Market Information for Common Stock39Holders of Record39Dividend Policy39Company Purchases of Equity Securities39Performance Graph40ITEM 6. RESERVED40ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONAND RESULTS OF OPERATIONS41Overview41Recent Developments41Market Outlook43Components of Revenues and Expenses44Results of Operations46Liquidity and Capital Resources48Contingencies52 FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K includes “forward-looking statements” within the meaning of Section 27A of theSecurities Act of 1933, as amended, (the “Securities Act”), and Section 21E of the