Bristow Group the company which provides helicopter transport in the Gulf of Mexico for the oil industry said they expect an 85% drop in revenue in June with the commencement of the 6 month ban on deepwater drilling in the region. The company is said to have over 9 helicopters affected by the ban. The helicopters bring in an income of $3.8 million a month crossing $600,000 in operating income monthly. Seven of the nine helicopters have been released for the ban period.
The ban was implemented after the oil rig off the Gulf of Mexico exploded in April 2010, killing 11 workers and leading to a giant oil spill. The spill leads to millions of gallons of oil leaking into the water. President Barack Obama passed the ban to give the eco system time to regenerate.
The company said the nine helicopters generate $3.8 million in revenue per month and approximately $600,000 in monthly operating income. Customers have told the company that they are releasing seven of the helicopters. Market front runner for oil firls services Schlumberger Ltd said they are exploring their options after the ban.
“We are assessing how to optimally redeploy skilled staff and available equipment to maintain operational flexibility” CEO of Schlumberger Ltd Andrew Gould said “However, while the drilling moratorium in the Gulf of Mexico will present the deepwater industry with a challenging period, in the longer term deepwater production will remain an important source of future global oil supply,” Gould added.
