- Bristow Group (BRS +7.5%) is higher despite reporting a larger than expected Q2 loss on a 21% Y/Y drop in revenues, and warning that it will slide to a full-year loss as it copes with the energy industry downturn and currency headwinds created by the Brexit vote.
- BRS says it will cut planned capital spending by 40% over the next two years as oil and gas companies cut back on exploration and production.
- Helicopter overcapacity in the industry had been running as high as 20% before April's crash of a vehicle operated by rival CHC Group off the coast of Norway led to the grounding of the global commercial fleet and the company's bankruptcy filing in May.