Bristow Group reported a net loss for the fiscal year ending March 31 of $56.1 million on operating revenues of $1.1 billion, compared with a net loss of $697.2 million on operating revenues of $1.2 billion a year earlier. It posted a net loss from operations of $42.6 million for the quarter on operating revenues of $281.5 million.

The helicopter services company, which primarily serves the offshore oil and gas industry, had posted a net loss of $57.1 million on revenues of $300.3 million in the previous quarter ending December 31. Bristow said the primary causes of the continued losses related to “extinguishment of debt and merger-related costs.” 

During the quarter, Bristow issued new debt of $400 million financed at 6.875 percent and used a portion of those proceeds to pay down debt. Bristow merged with Era Group in June 2020. At the end of the most recent quarter, Bristow had liquidity of $284 million. The company said it expected offshore oil and gas to recover in late 2021.