Exhibit 99.1

News Release

Linda McNeill, Investor Relations

(713) 267-7622

BRISTOW GROUP REPORTS FISCAL 2009 FIRST QUARTER FINANCIAL RESULTS

HOUSTON, August 6, 2008 - Bristow Group Inc. (NYSE: BRS) today reported financial results for its fiscal 2009 first quarter ended June 30, 2008.

Highlights include:

	§		Revenue increased 23% versus the June 2007 quarter to $284.1 million. Revenue gains occurred primarily in our Europe, West Africa and Southeast Asia business units, driven in large part by the addition of new aircraft and improved pricing, as well as the effect of a reorganization of our Mexico operations discussed below.
	§		Operating income increased 10% to $31.6 million from $28.8 million in the June 2007 quarter as a result of improved rates, gains from asset disposals and the effect of the Mexico reorganization, partially offset by higher maintenance costs within our Eastern Hemisphere (“EH”) Centralized Operations business unit.
	§		Income from continuing operations increased to $22.6 million from $21.9 million in the June 2007 quarter as a result of increased operating income, earnings from unconsolidated affiliates and other income (expense), net, which primarily resulted from the Mexico reorganization, partially offset by an increase in interest expense resulting from the debt offerings last fiscal year and in June 2008.
	§		Diluted earnings per share from continuing operations decreased slightly to $0.72 from $0.73 in the June 2007 quarter, while diluted earnings per share on net earnings decreased to $0.72 from $0.75 in the June 2007 quarter.
	§		The largest factors affecting financial results were the favorable impact of the Mexico reorganization offset by the negative impact from our EH Centralized Operations and the dilution resulting from the June 2008 sale of common stock and convertible senior notes.

–  The Mexico reorganization included the restructuring of our ownership interests such that we now own 70% (up from 49%) of one affiliate (“RLR”) and 24% (down from 49%) of another (“Heliservicio”), which resulted in several changes effective April 1, 2008, including the consolidation of RLR, return to the accrual basis of accounting for revenue recognition with Heliservicio and application of the equity method of accounting to our investment in Heliservicio. The Mexico reorganization impacted financial results as follows:

	§		Increased operating income by $0.8 million,
	§		Increased income from continuing operations by $3.7 million,
	§		Increased diluted earnings per share by $0.12.

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–  EH Centralized Operations experienced significantly higher maintenance costs primarily due to (a) foreign currency movements as a portion of our third-party maintenance contracts are denominated in euros, (b) an increase in heavy maintenance activities and (c) a reduction in the carrying value of obsolete inventory, which impacted financial results as follows:

	§		Reduced operating income by $6.9 million,
	§		Reduced income from continuing operations by $4.5 million,
	§		Reduced diluted earnings per share by $0.14.

– In June 2008 we completed the sale of 4,996,900 shares of common stock and $115 million of convertible senior notes, which had the effect of reducing diluted earnings per share by $0.01 for the June 2008 quarter.

Sale of Certain Single-engine Aircraft

As separately announced today, we executed an agreement to sell 53 single-engine aircraft and related assets operating in the U.S. Gulf of Mexico for $65 million. The sale, which is expected to close by September 30, 2008, is anticipated to result in a pre-tax gain of roughly $40 million or $0.75 per diluted share, after tax. The closing is contingent upon several items being completed, including the buyer obtaining financing, customer consent of affected commercial contracts, regulatory clearance and other customary conditions.

Capital and Liquidity:

§ At June 30, 2008 we continued to have a strong balance sheet, which allows us the financial flexibility to take advantage of growth opportunities:

	–		$1.2 billion in stockholders’ investment and $734.1 million of indebtedness
	–		$527.4 million in cash and $100 million undrawn revolving credit facility
	–		Aircraft purchase commitments totaled $389.6 million for 39 aircraft, with options totaling $862.8 million for 51 aircraft.

§ During the June 2008 quarter, we generated strong cash flows, including:

	–		$29.6 million of cash from operating activities
	–		$335.9 million in net proceeds from the sale of convertible senior notes and common stock
	–		We used $130.8 million for capital expenditures — primarily for aircraft.

CEO Remarks:

“Our strong revenue increase this quarter reflects continued growth by both the addition of new aircraft and improved pricing,” said William E. Chiles, President and Chief Executive Officer of Bristow Group Inc.

“In June, we secured additional financing to execute our growth plans for the next several years through an offering of common stock and convertible senior notes. Although oil and natural gas prices have come off their historic highs in recent weeks, we continue to expect customer demand to exceed the supply of high-quality helicopters that customers want most over the next several years. That’s why Bristow chose to raise new capital and remains well positioned with manufacturers for new helicopters, which will ensure that we can take advantage of these strong market conditions.”

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CONFERENCE CALL

Management will conduct a conference call starting at 10:00 a.m. EDT (9:00 a.m. CDT) on Wednesday, August 6, 2008, to review financial results for the fiscal 2009 first quarter ended June 30, 2008. The conference call can be accessed as follows:

Via Webcast:

	§		Visit Bristow Group’s investor relations Web page at http://www.bristowgroup.com
	§		Live: Click on the link for “Q1 2009 Bristow Group Inc. Earnings Conference Call”
	§		Replay: A replay via webcast will be available approximately one hour after the call’s completion

Via Telephone within the U.S.:

	§		Live: Dial toll free (800) 218-0204
	§		Replay: A telephone replay will be available through Wednesday, August 20, by dialing toll free (800) 405-2236, passcode: 11116476#

Via Telephone outside the U.S.:

	§		Live: Dial (303) 262-2137
	§		Replay: A telephone replay will be available through Wednesday, August 20, by dialing (303) 590-3000, passcode: 11116476#

ABOUT BRISTOW GROUP INC.

Bristow Group Inc. is the leading provider of helicopter services to the worldwide offshore energy industry based on the number of aircraft operated. Through its subsidiaries, affiliates and joint ventures, the Company has major transportation operations in most of the major offshore oil and gas producing regions of the world, including in the North Sea, the U.S. Gulf of Mexico, Nigeria and Australia. For more information, visit the Company’s website at www.bristowgroup.com.

FORWARD-LOOKING STATEMENTS DISCLOSURE

Statements contained in this news release that state the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. These forward-looking statements include statements regarding customer demand, supply of helicopters and growth opportunities. It is important to note that the Company’s actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company’s SEC filings, including but not limited to the Company’s quarterly report on Form 10-Q for the quarter ended June 30, 2008 and the annual report on Form 10-K for the fiscal year ended March 31, 2008. Bristow Group Inc. disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events or otherwise.

(financial tables follow)

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BRISTOW GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)

		Three Months Ended
		June 30,
		2007				2008
Gross revenue:
Operating revenue from non-affiliates		$	199,909			$	241,134
Operating revenue from affiliates			11,097				17,270
Reimbursable revenue from non-affiliates			19,042				24,371
Reimbursable revenue from affiliates			1,103				1,348
			231,151				284,123
Operating expense:
Direct cost			153,088				186,973
Reimbursable expense			20,145				26,067
Depreciation and amortization			11,331				14,955
General and administrative			18,385				27,206
Gain on disposal of assets			(584	)			(2,665	)
			202,365				252,536
Operating income			28,786				31,587
Earnings from unconsolidated affiliates, net of losses			3,390				7,723
Interest income			2,124				1,447
Interest expense			(2,928	)			(8,493	)
Other income (expense), net			426				1,692
Income from continuing operations before provision for income taxes and minority interest			31,798				33,956
Provision for income taxes			(9,439	)			(10,604	)
Minority interest			(449	)			(703	)
Income from continuing operations			21,910				22,649
Discontinued operations:
Income from discontinued operations before provision for income taxes			1,157				—
Provision for income taxes on discontinued operations			(395	)			—
Income (loss) from discontinued operations			762				—
Net income			22,672				22,649
Preferred stock dividends			(3,162	)			(3,162	)
Net income available to common stockholders		$	19,510			$	19,487
Basic earnings per common share:
Earnings from continuing operations		$	0.80			$	0.78
Earnings (loss) from discontinued operations			0.03				—
Net earnings		$	0.83			$	0.78
Diluted earnings per common share:
Earnings from continuing operations		$	0.73			$	0.72
Earnings (loss) from discontinued operations			0.02				—
Net earnings		$	0.75			$	0.72

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BRISTOW GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)

		March 31,				June 30,
		2008				2008
						(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	290,050			$	527,432
Accounts receivable from non-affiliates			204,599				199,588
Accounts receivable from affiliates			11,316				22,023
Inventories			176,239				175,458
Prepaid expenses and other			24,177				32,732
Total current assets			706,381				957,233
Investment in unconsolidated affiliates			52,467				35,358
Property and equipment — at cost:
Land and buildings			60,056				60,784
Aircraft and equipment			1,428,996				1,585,188
			1,489,052				1,645,972
Less — Accumulated depreciation and amortization			(316,514	)			(326,842	)
			1,172,538				1,319,130
Goodwill			15,676				16,590
Other assets			30,293				26,967
		$	1,977,355			$	2,355,278
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Accounts payable		$	49,650			$	54,508
Accrued wages, benefits and related taxes			35,523				29,445
Income taxes payable			5,862				836
Other accrued taxes			1,589				3,172
Deferred revenues			15,415				15,652
Accrued maintenance and repairs			13,250				13,571
Accrued interest			5,656				8,604
Other accrued liabilities			22,235				14,277
Deferred taxes			9,238				12,303
Short-term borrowings and current maturities of long-term debt			6,541				7,692
Total current liabilities			164,959				160,060
Long-term debt, less current maturities			599,677				726,432
Accrued pension liabilities			134,156				132,810
Other liabilities and deferred credits			14,805				14,775
Deferred taxes			91,747				102,320
Minority interest			4,570				10,254
Commitments and contingencies
Stockholders’ investment:
5.50% mandatory convertible preferred stock			222,554				222,554
Common stock			239				291
Additional paid-in capital			186,390				413,228
Retained earnings			606,931				627,673
Accumulated other comprehensive loss			(48,673	)			(55,119	)
			967,441				1,208,627
		$	1,977,355			$	2,355,278

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BRISTOW GROUP INC. AND SUBSIDIARIES
SELECTED OPERATING DATA
(In thousands, except flight hours and percentages)
(Unaudited)

		Three Months Ended
		June 30,
		2007				2008
Flight hours (excludes Bristow Academy and unconsolidated affiliates):
U.S. Gulf of Mexico			37,868				37,639
Arctic			2,403				2,437
Latin America			11,367				9,064
Europe			10,821				10,306
West Africa			8,898				9,598
Southeast Asia			3,344				4,882
Other International			2,547				2,053
Consolidated total			77,248				75,979
Gross revenue:
U.S. Gulf of Mexico		$	55,428			$	61,509
Arctic			4,357				4,243
Latin America			16,036				20,206
WH Centralized Operations			1,154				2,260
Europe			83,357				95,430
West Africa			33,283				43,300
Southeast Asia			22,492				36,880
Other International			11,455				13,021
EH Centralized Operations			6,805				8,837
Bristow Academy			3,019				6,151
Intrasegment eliminations			(6,235	)			(7,746	)
Corporate			—				32
Consolidated total		$	231,151			$	284,123
Operating income (loss):
U.S. Gulf of Mexico		$	9,099			$	7,989
Arctic			675				519
Latin America			3,334				6,475
WH Centralized Operations			1,292				(676	)
Europe			14,575				17,476
West Africa			2,797				6,516
Southeast Asia			4,127				4,186
Other International			2,265				1,197
EH Centralized Operations			(4,279	)			(7,921	)
Bristow Academy			(91	)			546
Gain on disposal of assets			584				2,665
Corporate			(5,592	)			(7,385	)
Consolidated total		$	28,786			$	31,587
Operating margin:
U.S. Gulf of Mexico			16.4	%			13.0	%
Arctic			15.5	%			12.2	%
Latin America			20.8	%			32.0	%
Europe			17.5	%			18.3	%
West Africa			8.4	%			15.0	%
Southeast Asia			18.3	%			11.4	%
Other International			19.7	%			9.2	%
Bristow Academy			(3.0	)%			8.9	%
Consolidated total			12.5	%			11.1	%

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Beginning with our reporting for the three months ended June 30, 2008, our North America business unit has been segregated into three separate business units: U.S. Gulf of Mexico, Arctic and WH Centralized Operations. Amounts presented for the prior period presented herein have been reclassified to conform to current period presentation. Further, our South and Central America business unit has been renamed the Latin America business unit. In addition to selected operating data for the three month ended June 30, 2007 and 2008, we have presented in the tables below selected operating data for the quarters ended September 30, 2007, December 31, 2007 and March 31, 2008 based on the new segment presentation.

BRISTOW GROUP INC. AND SUBSIDIARIES
SELECTED OPERATING DATA
(In thousands, except flight hours and percentages)
(Unaudited)

		Three Months Ended
		June 30,				Sept. 30,				Dec. 31,				March 31,				June 30,
		2007				2007				2007				2008				2008
Flight hours (excludes Bristow Academy and unconsolidated affiliates):
U.S. Gulf of Mexico			37,868				36,621				33,431				32,018				37,639
Arctic			2,403				3,002				1,227				1,232				2,437
Latin America			11,367				10,810				10,417				7,845				9,064
Europe			10,821				11,494				11,625				10,403				10,306
West Africa			8,898				9,887				9,824				9,561				9,598
Southeast Asia			3,344				3,644				4,590				4,451				4,882
Other International			2,547				2,177				2,120				1,886				2,053
Consolidated total			77,248				77,635				73,234				67,396				75,979
Gross Revenue:
U.S. Gulf of Mexico		$	55,428			$	55,948			$	53,259			$	54,664			$	61,509
Arctic			4,357				5,290				2,570				2,037				4,243
Latin America			16,036				16,951				16,476				14,400				20,206
WH Centralized Operations			1,154				821				1,438				692				2,260
Europe			83,357				93,459				95,100				89,828				95,430
West Africa			33,283				45,799				46,287				45,401				43,300
Southeast Asia			22,492				23,858				29,918				34,849				36,880
Other International			11,455				12,046				11,874				12,143				13,021
EH Centralized Operations			6,805				5,331				5,239				4,991				8,837
Bristow Academy			3,019				3,228				3,969				4,571				6,151
Intrasegment eliminations			(6,235	)			(2,923	)			(4,647	)			(3,390	)			(7,746	)
Corporate			—				—				37				99				32
Consolidated total		$	231,151			$	259,808			$	261,520			$	260,285			$	284,123
Operating income (loss):
U.S. Gulf of Mexico		$	9,099			$	9,680			$	8,122			$	7,230			$	7,989
Arctic			675				1,440				(72	)			(281	)			519
Latin America			3,334				4,250				3,828				2,205				6,475
WH Centralized Operations			1,292				71				(871	)			(2,591	)			(676	)
Europe			14,575				21,895				20,695				20,183				17,476
West Africa			2,797				15,492				7,019				6,633				6,516
Southeast Asia			4,127				5,107				6,476				8,044				4,186
Other International			2,265				1,781				712				(5,041	)			1,197
EH Centralized Operations			(4,279	)			(3,247	)			(6,404	)			539				(7,921	)
Bristow Academy			(91	)			(391	)			(130	)			(197	)			546
Intrasegment eliminations			584				(751	)			4,094				5,469				2,665
Corporate			(5,592	)			(5,603	)			(6,721	)			(8,697	)			(7,385	)
Consolidated total		$	28,786			$	49,724			$	36,748			$	33,496			$	31,587
Operating margin:
U.S. Gulf of Mexico			16.4	%			17.3	%			15.3	%			13.2	%			13.0	%
Arctic			15.5	%			27.2	%			-2.8	%			-13.8	%			12.2	%
Latin America			20.8	%			25.1	%			23.2	%			15.3	%			32.0	%
Europe			17.5	%			23.4	%			21.8	%			22.5	%			18.3	%
West Africa			8.4	%			33.8	%			15.2	%			14.6	%			15.0	%
Southeast Asia			18.3	%			21.4	%			21.6	%			23.1	%			11.4	%
Other International			19.7	%			14.8	%			6.0	%			-41.5	%			9.2	%
Bristow Academy			-3.0	%			-12.1	%			-3.3	%			-4.3	%			8.9	%
Consolidated total			12.5	%			19.1	%			14.1	%			12.9	%			11.1	%

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