Bristow Group, Inc.

Good day and welcome to the Bristow Group fourth quarter and full fiscal year 2021 results conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Crystal Gordon, Senior Vice President, General Counsel. Please go ahead.

Thank you, Olivia, and good morning, everyone. Welcome to Bristow Group's fourth quarter and full fiscal year 2021 earnings call. I'm joined on the phone today with our President and Chief Executive Officer, Chris Bradshaw, and Senior Vice President, Chief Financial Officer, Jennifer Whalen. Let me remind everyone, on this call, management may make forward-looking statements that are subject to risks and uncertainties that are described in more detail on slide three of our investor presentation. You may access our investor presentation on our website. We will also reference certain non-GAAP financial measures such as EBITDA and free cash flow. A reconciliation of such measures to GAAP is included in the earnings release in our investor presentation. I'll now turn the call over to our President and CEO, Chris.

Thank you, Crystal, and welcome to the call, everyone. As always, I will begin our prepared remarks with a note on safety, which is Bristow's most important core value. and our highest operational priority. I want to applaud all our Bristow team members around the globe for their excellent safety performance in FY21, despite the numerous potential distractions in the world around us. We achieved our target of zero air accidents in FY21, and we realized a 57% year-over-year reduction in lost workdays. This improved workplace incident rate included zero recordable incidents in the US Gulf of Mexico, which is the reason most impacted by the merger integration changes that occurred during the year. I want to thank and commend everyone on the Bristow team for their hard work and dedication to deliver safe, efficient, and reliable service to our valued customers every day. On our last investor call, we discussed the importance of protecting the company's strong balance sheet position, and we were very pleased to complete a significant refinancing transaction in February when we closed a $400 million offering of 6% and 7% and 8% senior secured notes due in 2028. We used the proceeds from that transaction, combined with $100 million of cash from our balance sheet, to repay approximately $500 million of existing debt. The benefits of this refinancing include a much cleaner capital structure, an extended debt maturity profile, a reduction in mandatory amortization requirements, and the elimination of operational friction costs related to the former credit facilities. Bristow continues to possess industry-leading financial flexibility, and this transaction further enhances our strategic and operational flexibility as well. The company continues to make significant integration progress following the merger of Aira and Bristow in June 2020. We increased the amount of identified synergies to at least $50 million of annualized run rate savings. As of March 31st, synergy projects representing $30 million of annualized savings have already been completed. We expect to capture over 80% of the total synergy projects by the one-year anniversary of the merger. resulting in a more efficient cost structure for the company. Turning now to our recent financial performance. In addition to challenging conditions in the offshore oil and gas industry, the company's current quarter results reflect a typical seasonality in our business as the March quarter represents the period of lowest flight activity due to fewer daylight hours and more inclement weather days. Historically, the fiscal fourth quarter has accounted for approximately 20% are the combined companies' full-year adjusted EBITDA. Despite the challenging industry conditions, Bristow continued to generate a substantial amount of free cash flow in a quarter, further demonstrating the resiliency of our business model. I will now hand it over to our CFO for a more detailed review of financial results.