Exhibit 99.1

News Release

Linda McNeill, Investor Relations
(713) 267-7622

BRISTOW GROUP REPORTS FISCAL 2009 SECOND QUARTER FINANCIAL RESULTS

HOUSTON, November 6, 2008 — Bristow Group Inc. (NYSE: BRS) today reported financial results for the three months ended September 30, 2008, which is the Company’s fiscal 2009 second quarter.

Highlights include:

For the September 2008 quarter:

	•		Revenue increased 12% versus the September 2007 quarter to $291.7 million. Revenue gains occurred across all of our business units, but most significantly in our U.S. Gulf of Mexico, Europe and Southeast Asia business units. Revenue gains were driven in large part by the addition of new aircraft and improved pricing.
	•		Operating income decreased 19% to $40.4 million from $49.7 million in the September 2007 quarter primarily as a result of the items discussed below.
	•		Income from continuing operations decreased 16% to $28.0 million from $33.3 million in the September 2007 quarter primarily as a result of the items discussed below, but also as a result of decreased earnings from unconsolidated affiliates and an increase in net interest expense which resulted from debt offerings in November 2007 and June 2008. These items were partially offset by gains on disposal of assets and an increase in other income (expense), net which primarily related to foreign currency exchange gains driven by a strengthening U.S. dollar.
	•		Diluted earnings per share decreased to $0.78 from $1.12 in the September 2007 quarter primarily as a result of the decrease in income from continuing operations and the June 2008 equity offering, which reduced diluted earnings per share in the September 2008 quarter by $0.13.
	•		The largest factors affecting operating results for the September 2008 quarter were:

	•		Hurricanes in the U.S. Gulf of Mexico during the September 2008 quarter, which resulted in a decrease in flight activity and an increase in costs, reducing operating income by $2.1 million, income from continuing operations by $1.5 million and diluted earnings per share by $0.04.
	•		Revenue recognized in the September 2008 quarter related to contractual rate escalations and retroactive rate adjustments applicable to services performed in prior quarters in Europe, which increased operating income by $4.5 million, income from continuing operations by $3.2 million and diluted earnings per share by $0.09.
	•		Decreases in operating results in Australia — part of our Southeast Asia business unit — which reduced operating income by $5.9 million, income from continuing operations by $4.2 million and diluted earnings per share by $0.12. Operating results in Australia were lower than expected as a result of delays in planned contracts, increased compensation costs, unscheduled line maintenance and re-positioning of aircraft.

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• As in the June 2008 quarter and as was anticipated for the September 2008 quarter, Eastern Hemisphere Centralized Operations experienced higher maintenance expense (primarily due to foreign currency movements related to the portion of our third party maintenance contracts denominated in euros and an increase in heavy maintenance activities) which reduced operating income by $2.7 million, income from continuing operations by $1.9 million and diluted earnings per share by $0.05.

• Earnings for the September 2007 quarter benefited from the reversal of $1 million of accrued costs associated with the settlement of the U.S. Securities and Exchange Commission (“SEC”) investigation, items in Nigeria, including $2.1 million of retroactive rate increases related to services rendered in a prior quarter and the reversal of $5.4 million in sales tax contingency, and $2.4 million of contractual rate escalations on services performed in prior quarters under contracts with our customers in Europe, which collectively increased operating income by $10.9 million, income from continuing operations by $7.3 million and diluted earnings per share by $0.24 in the September 2007 quarter.

For the six months ended September 30, 2008:

	•		Revenue increased 17% versus the six months ended September 30, 2007 to $575.8 million. Revenue gains occurred across all of our business units, but most significantly in our U.S. Gulf of Mexico, Europe, West Africa and Southeast Asia business units. Revenue gains were driven in large part by the addition of new aircraft and improved pricing.
	•		Operating income decreased 8% to $72.0 million from $78.5 million for the six months ended September 30, 2007 primarily as a result of the items discussed below.
	•		Income from continuing operations decreased 8% to $50.7 million from $55.2 million for the six months ended September 30, 2007 as a result of decreased operating income and an increase in net interest expense which resulted from debt offerings in June and November 2007 and June 2008. These items were partially offset by gains on disposal of assets for the six months ended September 30, 2008 — compared to losses in the same period a year ago — along with an increase in other income (expense), net, which primarily related to foreign currency exchange gains driven by a strengthening U.S. dollar, and an increase in earnings from unconsolidated affiliates.
	•		Diluted earnings per share decreased to $1.50 from $1.87 for the six months ended September 30, 2007 primarily as a result of the decrease in income from continuing operations and the June 2008 equity offering, which reduced diluted earnings per share for the six months ended September 30, 2008 by $0.15.
	•		The largest factors affecting operating results for the six months ended September 30, 2008 were:

	•		Hurricanes in the U.S. Gulf of Mexico during the September 2008 quarter, which resulted in a decrease in flight activity and an increase in costs, reducing operating income by $2.1 million, income from continuing operations by $1.5 million and diluted earnings per share by $0.05.
	•		Revenue recognized during the six months ended September 30, 2008 related to contractual rate escalations and retroactive rate adjustments applicable to services performed in prior periods in Europe of $2.9 million and Russia — part of our Other International business unit — of $1.2 million, which increased operating income by $4.1 million, income from continuing operations by $2.9 million and diluted earnings per share by $0.09.
	•		Decreases in operating results in Australia, part of our Southeast Asia business unit — which reduced operating income by $8.5 million — income from continuing operations by $6.1 million and diluted earnings per share by $0.18. Operating results in Australia were lower than expected as a result of delays in planned contracts, increased compensation costs, unscheduled line maintenance and re-positioning of aircraft.

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	•		Higher maintenance expense in Eastern Hemisphere Centralized Operations (primarily due to foreign currency movements related to the portion of our third party maintenance contracts denominated in euros and an increase in heavy maintenance activities) which reduced operating income by $9.6 million, income from continuing operations by $6.9 million and diluted earnings per share by $0.20.
	•		The restructuring of our ownership interests in affiliates in Mexico — part of our Latin America business unit — which resulted in several changes effective April 1, 2008, which increased operating income by $0.8 million, income from continuing operations by $3.7 million and diluted earnings per share by $0.11.

• Financial results for the six months ended September 30, 2007 included a reversal of accrued costs of $1 million associated with the settlement of the SEC investigation, the reversal of $5.4 million in sales tax contingency in Nigeria and $1.9 million of contractual rate escalations on services performed in prior periods under contracts with our customers in Europe, which collectively increased operating income by $8.3 million, income from continuing operations by $5.5 million and diluted earnings per share by $0.18.

Sale of Certain Single-Engine Aircraft

As previously announced, on October 30, 2008, we closed the sale of 53 single-engine aircraft and related assets operating in the U.S. Gulf of Mexico for approximately $65 million, 20% of which was received at closing, with the remainder to be paid to us from escrow as the titles to the aircraft are processed by the U.S. Federal Aviation Administration. The sale is expected to result in a pre-tax gain of approximately $40 million, or $0.72 per diluted share after tax, in the December 2008 quarter.

Acquisition of Additional Interest in Norsk Helikopter

Also as previously announced, on October 31, 2008, we acquired the remaining interest in Norsk Helikopter AS, our affiliate in Norway of which we previously owned 49%. Our partner in Norsk received approximately $5.1 in cash and all of Lufttransport AS, an air ambulance subsidiary of Norsk. We now own 100% of Norsk and will consolidate this entity effective October 31, 2008, including approximately $22 million in debt. Norsk, excluding Lufttransport, generated $133.9 million of revenue, $4.8 million of operating income and $3.1 million of net income for the year ended December 31, 2007. Our Europe operations for our fiscal year ended March 31, 2008 generated $13.5 million in revenue from leasing aircraft to Norsk, which will be eliminated in consolidation in future periods.

Capital and Liquidity

• At September 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 $730.9 million of indebtedness
	•		$399.1 million in cash and $100 million undrawn revolving credit facility
	•		Aircraft purchase commitments totaled $379.9 million for 42 aircraft, with options totaling $806.3 million for 47 aircraft

• During the six months ended September 30, 2008, we generated strong cash flows, including:

	•		$55.5 million of cash from operating activities
	•		$62.2 million of EBITDA
	•		$336.6 million in net proceeds from the sale of convertible senior notes and common stock
	•		We used $278.5 million for capital expenditures — primarily for aircraft

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CEO Remarks

“We are pleased with our continued growth, which was driven by the addition of new aircraft and improved pricing. Excluding the previously disclosed impact of the worse than usual hurricane season in the U.S. Gulf of Mexico and the increased Eastern Hemisphere maintenance costs, our consolidated operating results were in line with our expectations with better than expected results in Europe being offset by lower than expected results in Australia. Some of these items are not expected to recur (e.g. extent of hurricanes and portion of costs in Australia), and we have taken actions to address and mitigate the portion of the costs expected to continue.,” said William E. Chiles, President and Chief Executive Officer of Bristow Group Inc.

“Over the past three years we have raised approximately $1.1 billion of capital in a mix of debt and equity through public and private financings. We expect that our September 30, 2008 cash balance of $399 million will be sufficient to satisfy our remaining aircraft purchase commitments of $380 million, 61% of which are payable after March 31, 2009.

“The cash we expect to generate from future operations, along with the sales of aircraft and the $100 million borrowing capacity under our revolving credit facility, should provide us with additional uncommitted liquidity. We remain disciplined in our capital program. In addition, we are taking proactive measures to protect the Company’s liquidity during this period of disruption in the financial markets, including seeking secure investments for our cash and monitoring the ability of our business counterparties to fulfill their obligations to us.

“We remain in close contact with our customers to understand their plans for future operating expenditures, which are the primary source of our revenue, as well as their capital expenditures, which fund a smaller portion of our income. At this time, we have not experienced a decline in customer demand for our services. Most of our pending business is production based and therefore less likely to be curtailed as a result of lower oil and gas prices. We expect the aircraft on order and the available uncommitted liquidity to allow us deliver on our growth plans.”

CONFERENCE CALL

Management will conduct a conference call starting at 10:00 a.m. EST (9:00 a.m. CST) on Thursday, November 6, 2008, to review financial results for the fiscal 2009 second quarter ended September 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 “Q2 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 Thursday, November 20, by dialing toll free (800) 405-2236, passcode: 11121266#

Via Telephone outside the U.S.:

	•		Live: Dial (303) 262-2163
	•		Replay: A telephone replay will be available through Thursday, November 20, by dialing (303) 590-3000, passcode: 11121266#

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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, future operations, future liquidity, ability to satisfy commitments, supply of helicopters and growth plans and 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 September 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								Six Months Ended
		September 30,								September 30,
		2007				2008				2007				2008
Gross revenue:
Operating revenue from non-affiliates		$	219,858			$	248,526			$	419,767			$	489,660
Operating revenue from affiliates			13,858				18,430				24,955				35,700
Reimbursable revenue from non-affiliates			23,594				23,208				42,636				47,579
Reimbursable revenue from affiliates			2,498				1,524				3,601				2,872
			259,808				291,688				490,959				575,811
Operating expense:
Direct cost			152,624				188,393				305,712				375,366
Reimbursable expense			24,098				24,681				44,243				50,748
Depreciation and amortization			12,351				15,485				23,682				30,440
General and administrative			20,260				25,984				38,645				53,190
Loss (gain) on disposal of assets			757				(3,302	)			173				(5,967	)
			210,090				251,241				412,455				503,777
Operating income			49,718				40,447				78,504				72,034
Earnings from unconsolidated affiliates, net of losses			4,118				1,971				7,508				9,694
Interest income			3,960				3,205				6,084				4,652
Interest expense			(6,523	)			(8,404	)			(9,451	)			(16,897	)
Other income (expense), net			360				2,070				786				3,762
Income from continuing operations before provision for income taxes and minority interest			51,633				39,289				83,431				73,245
Provision for income taxes			(18,294	)			(10,310	)			(27,733	)			(20,914	)
Minority interest			(4	)			(952	)			(453	)			(1,655	)
Income from continuing operations			33,335				28,027				55,245				50,676
Discontinued operations:
Income (loss) from discontinued operations before provision for income taxes			962				(379	)			2,119				(379	)
(Provision) benefit for income taxes on discontinued operations			(347	)			133				(742	)			133
Income (loss) from discontinued operations			615				(246	)			1,377				(246	)
Net income			33,950				27,781				56,622				50,430
Preferred stock dividends			(3,163	)			(3,163	)			(6,325	)			(6,325	)
Net income available to common stockholders		$	30,787			$	24,618			$	50,297			$	44,105
Basic earnings per common share:
Earnings from continuing operations		$	1.27			$	0.85			$	2.07			$	1.65
Earnings (loss) from discontinued operations			0.03				(0.01	)			0.06				(0.01	)
Net earnings		$	1.30			$	0.84			$	2.13			$	1.64
Diluted earnings per common share:
Earnings from continuing operations		$	1.10			$	0.79			$	1.83			$	1.51
Earnings (loss) from discontinued operations			0.02				(0.01	)			0.04				(0.01	)
Net earnings		$	1.12			$	0.78			$	1.87			$	1.50
Weighted average number of common shares outstanding:
Basic			23,731				29,085				23,635				26,941
Diluted			30,408				35,636				30,263				33,487

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

		March 31,				September 30,
		2008				2008
						(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	290,050			$	399,055
Accounts receivable from non-affiliates			204,599				192,933
Accounts receivable from affiliates			11,316				25,462
Inventories			176,239				166,958
Prepaid expenses and other			24,177				20,654
Assets held for sale — U.S. Gulf of Mexico			—				21,369
Total current assets			706,381				826,431
Investment in unconsolidated affiliates			52,467				33,951
Property and equipment — at cost:
Land and buildings			60,056				57,341
Aircraft and equipment			1,428,996				1,649,743
			1,489,052				1,707,084
Less — Accumulated depreciation and amortization			(316,514	)			(302,538	)
			1,172,538				1,404,546
Goodwill			15,676				16,571
Other assets			30,293				25,605
		$	1,977,355			$	2,307,104
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Accounts payable		$	49,650			$	45,090
Accrued wages, benefits and related taxes			35,523				32,290
Income taxes payable			5,862				229
Other accrued taxes			1,589				3,848
Deferred revenues			15,415				14,096
Accrued maintenance and repairs			13,250				13,579
Accrued interest			5,656				6,414
Other accrued liabilities			22,235				24,110
Deferred taxes			9,238				11,553
Short-term borrowings and current maturities of long-term debt			6,541				5,378
Total current liabilities			164,959				156,587
Long-term debt, less current maturities			599,677				725,534
Accrued pension liabilities			134,156				117,566
Other liabilities and deferred credits			14,805				15,760
Deferred taxes			91,747				98,802
Minority interest			4,570				11,064
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				416,025
Retained earnings			606,931				652,291
Accumulated other comprehensive loss			(48,673	)			(109,370	)
			967,441				1,181,791
		$	1,977,355			$	2,307,104

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

		Three Months Ended								Six Months Ended
		September 30,								September 30,
		2007				2008				2007				2008
Flight hours (excludes Bristow Academy and unconsolidated affiliates):
U.S. Gulf of Mexico			36,621				34,891				74,489				72,530
Arctic			3,002				3,695				5,405				6,132
Latin America			10,810				10,938				22,177				20,002
Europe			11,494				10,265				22,315				20,571
West Africa			9,887				9,647				18,785				19,245
Southeast Asia			3,644				4,841				6,988				9,723
Other International			2,177				1,823				4,724				3,876
Consolidated total			77,635				76,100				154,883				152,079
Gross revenue:
U.S. Gulf of Mexico		$	55,948			$	62,491			$	111,376			$	124,000
Arctic			5,290				6,840				9,647				11,083
Latin America			16,951				19,051				32,987				39,257
WH Centralized Operations			821				2,909				1,975				5,169
Europe			93,459				98,303				176,816				193,733
West Africa			45,799				47,010				79,082				90,310
Southeast Asia			23,858				33,381				46,350				70,261
Other International			12,046				14,215				23,501				27,236
EH Centralized Operations			5,331				8,128				12,136				16,965
Bristow Academy			3,228				5,572				6,247				11,723
Intrasegment eliminations			(2,923	)			(6,208	)			(9,158	)			(13,954	)
Corporate			—				(4	)			—				28
Consolidated total		$	259,808			$	291,688			$	490,959			$	575,811
Operating income (loss):
U.S. Gulf of Mexico		$	9,680			$	8,263			$	18,779			$	16,252
Arctic			1,440				1,900				2,115				2,419
Latin America			4,251				4,553				7,585				11,028
WH Centralized Operations			70				904				1,362				228
Europe			21,895				21,969				36,470				39,445
West Africa			15,492				8,024				18,289				14,540
Southeast Asia			5,107				1,064				9,234				5,250
Other International			1,781				1,578				4,046				2,775
EH Centralized Operations			(3,247	)			(4,467	)			(7,526	)			(12,388	)
Bristow Academy			(391	)			(159	)			(482	)			387
Gain (loss) on disposal of assets			(757	)			3,302				(173	)			5,967
Corporate			(5,603	)			(6,484	)			(11,195	)			(13,869	)
Consolidated total		$	49,718			$	40,447			$	78,504			$	72,034
Operating margin:
U.S. Gulf of Mexico			17.3	%			13.2	%			16.9	%			13.1	%
Arctic			27.2	%			27.8	%			21.9	%			21.8	%
Latin America			25.1	%			23.9	%			23.0	%			28.1	%
Europe			23.4	%			22.3	%			20.6	%			20.4	%
West Africa			33.8	%			17.1	%			23.1	%			16.1	%
Southeast Asia			21.4	%			3.2	%			19.9	%			7.5	%
Other International			14.8	%			11.1	%			17.2	%			10.2	%
Bristow Academy			(12.1	)%			(2.9	)%			(7.7	)%			3.3	%
Consolidated total			19.1	%			13.9	%			16.0	%			12.5	%

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