Bristow Group said it will buy Berry Aviation for $105 million in cash, adding a government-focused aviation business that generated about $108 million of revenue in 2025.
Berry Aviation operates more than 20 aircraft and derives about 72% of its revenue from government services, including special missions, intelligence, surveillance and reconnaissance, maintenance, repair and overhaul, training and mission support, and unmanned aerial systems design and development. The remaining revenue comes from on-demand cargo logistics and aftermarket supply-chain aviation services.
The deal is expected to close in the third quarter of 2026. Bristow said it will fund the purchase with cash on hand.
The acquisition would materially shift Bristow’s revenue mix toward government work when combined with its planned exit from Norway offshore energy services. On a pro forma basis for 2025, Bristow said revenue would have been 54% offshore energy services, 35% government services and 11% other services. That compares with Bristow’s actual 2025 mix of 66% offshore energy services, 26% government services and 8% other services.
Bristow said the Berry Aviation business would have been accretive to earnings and free cash flow, and that the combined effect of the Berry acquisition and the Norway exit would have been neutral to Bristow’s 2025 EBITDA on a pro forma basis.
The company said Berry Aviation brings certifications and capabilities including CARB certification, CAMTS certification, Part 135 airdrop authorization and the ability to operate in GPS-denied airspace. Berry’s customers include the U.S. Army, U.S. Air Force, U.S. Special Operations Command and U.S. Transportation Command.
Bristow also said it is pursuing the sale of its Norway offshore energy services business as part of its portfolio optimization strategy. As a result of these announcements, the company's shares have moved 1.28% on the market, and are now trading at a price of $41.92. Check out the company's full 8-K submission here.
