GOM’s Death "Greatly Exaggerated"

By Staff Writer | August 5, 2015
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Reports that helicopter support for offshore oil and gas operations in the Gulf of Mexico is dead “are greatly exaggerated,” said Era Group President, CEO and CFO Chris Bradshaw paraphrasing Mark Twain in discussing the company’s second-quarter financial performance. He said the year-to-date average of floating, working rigs in the Gulf is higher this year than in 2014, and “GOM remains one of the best, if not the best, offshore markets in the world.” Bradshaw had a net income of $11.3 million on operating revenues of $70.7 million in its second quarter, which ended June 30. That compared to a Q2 2014 net of $5.2 million. However, Q2 2015 included a $12.9 million pre-tax gain on the sale of Era’s fixed-base operations in Alaska. Excluding that, Q2’s income was $4.1 million, 21 percent lower than Q2 2014’s income. Operating revenues for the period dropped 18.3 percent to $70.7 million from $86.6 million a year ago.

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