Bristow to buy Berry Aviation for $105M cash; plans Norway Offshore exit

Bristow Group Inc.

All-cash acquisition of Berry Aviation for $105M, subject to working capital adjustments; expected Q3 2026 close.
Berry Aviation had 2025 revenue of ~$108M; government services make up ~72% of revenue.
Deal is immediately accretive to Bristow's earnings and free cash flow; pro forma 2025 EBITDA neutral.
Combined with planned Norway Offshore exit, revenue mix shifts to 35% Government Services (from 26% actual 2025).
Berry fleet >20 aircraft; customers include U.S. Army, Air Force, SOCOM, TRANSCOM.

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