þ
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ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
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For
the Fiscal Year Ended December 31, 2008
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OR
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o
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TRANSITION
REPORT PURSUANT TO SECTION 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
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For
the transition period from
___________to______________
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A.
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Full
title of the plan and the address of the plan, if different from that of
the issuer named below:
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B.
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Name
of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
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Bristow
Group Inc.
2000
W. Sam Houston Pkwy. S.,
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Suite
1700
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Houston,
Texas 77042
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Page
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Report
of Independent Registered Accounting
Firm
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2
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Statements
of Net Assets Available for
Benefits
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3
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Statement
of Changes in Net Assets Available for
Benefits
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4
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Notes
to Financial
Statements
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5 -
9
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Supplemental Schedule
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Schedule
H, Line 4i – Schedule of Assets (Held at End of
Year)
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10
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Signature | 11 |
December
31,
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||||||||
2008
|
2007
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|||||||
ASSETS
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||||||||
INVESTMENTS,
at fair market value
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||||||||
Mutual
funds
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$
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47,127,867
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$
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70,528,427
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||||
Bristow
Group Inc. stock fund
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3,422,314
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8,852,128
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||||||
Common/collective
trust
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27,698,016
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23,595,003
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||||||
Participant
loans
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3,072,083
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3,158,282
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||||||
TOTAL
INVESTMENTS
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81,320,280
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106,133,840
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||||||
RECEIVABLES
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||||||||
Participant
contributions
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182,936
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192,190
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||||||
Employer
contributions
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2,513,503
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2,127,210
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||||||
TOTAL
RECEIVABLES
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2,696,439
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2,319,400
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||||||
NET
ASSETS AVAILABLE FOR BENEFITS
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$
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84,016,719
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$
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108,453,240
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ADDITIONS
TO NET ASSETS
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|||||
INVESTMENT
INCOME
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|||||
Interest
from common/collective trust
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$
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1,091,804
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|||
Dividend
income
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1,809,341
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||||
Interest
from participant loans
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243,922
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||||
TOTAL
INVESTMENT INCOME
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3,145,067
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||||
CONTRIBUTIONS
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|||||
Participant
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4,398,560
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||||
Employer
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6,390,140
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||||
TOTAL
CONTRIBUTIONS
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10,788,700
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||||
TOTAL
ADDITIONS TO NET ASSETS
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13,933,767
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||||
DEDUCTIONS
FROM NET ASSETS
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|||||
Net
depreciation in fair value of investments
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29,089,137
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||||
Benefits
paid to participants
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9,269,305
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||||
Administrative
expenses
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11,846
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||||
TOTAL
DEDUCTIONS FROM NET ASSETS
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38,370,288
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||||
NET
DECREASE IN NET ASSETS
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(24,436,521
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)
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|||
NET
ASSETS AVAILABLE FOR BENEFITS
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|||||
Beginning
of year
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108,453,240
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||||
End
of year
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$
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84,016,719
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December
31,
|
||||||
2008
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2007
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|||||
Vanguard
500 Index Fund Investor Shares
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$
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15,949,054
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$
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26,329,930
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||
Vanguard
International Growth Fund
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3,640,147
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7,216,771
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||||
Vanguard
Wellington Fund Investor Shares
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7,954,751
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10,779,409
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||||
Vanguard
Retirement Savings Trust
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27,698,016
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23,595,003
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||||
Vanguard
Morgan Growth Fund Investor Shares
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3,171,835
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5,538,115
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||||
Bristow
Group Inc. Stock Fund
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3,422,314
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8,852,128
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||||
Other
investments under 5%
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19,484,163
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23,822,484
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||||
TOTAL
INVESTMENTS
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$
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81,320,280
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$
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106,133,840
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Mutual
funds
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$
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24,940,265
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Bristow
Group Inc. Stock Fund
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4,148,872
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||
Total
net depreciation
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$
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29,089,137
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·
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Level
1 – Quoted prices (unadjusted) in active markets for identical assets or
liabilities.
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·
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Level
2 – Observable inputs other than Level 1, such as quoted prices in
active markets for similar assets and liabilities; or other inputs
that are observable for the assets or liabilities, either directly or
indirectly, for substantially the full term of the financial
instrument.
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·
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Level
3 – Unobservable inputs that are supported by little or no market activity
and are significant to the fair value of the assets or
liabilities.
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Fair
Value Measurements
as
of December 31, 2008
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||||||||||||||||
Level
1
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Level
2
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Level
3
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Total
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|||||||||||||
Mutual
funds
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$
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47,127,867
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$
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—
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$
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—
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$
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47,127,867
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||||||||
Bristow
Group Inc. stock fund
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3,422,314
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—
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—
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3,422,314
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||||||||||||
Common/collective
trust
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2,912,912
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24,785,104
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—
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27,698,016
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||||||||||||
Participant
loans
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—
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—
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3,072,083
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3,072,083
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||||||||||||
Total
investments at fair value
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$
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53,463,093
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$
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24,785,104
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$
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3,072,083
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$
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81,320,280
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Participant
loans
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|||
Balance,
beginning of year
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$
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3,158,282
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Issuances,
repayments and settlements, net
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(86,199
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)
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Balance,
end of year
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$
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3,072,083
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BRISTOW
GROUP INC. EMPLOYEE SAVINGS AND RETIREMENT PLAN
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Plan
EIN 72-0679819
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SCHEDULE
H, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR)
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Plan
Number 001
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DECEMBER
31, 2008
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(a)
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(b)
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(c)
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(d)
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(e)
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|||||
Identity
of Issue,
Borrower,
Lessor, or
Similar
Party
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Description
of Investment
Including
Maturity Date, Rate
Of
Interest, Collateral, Par or
Maturity
Value
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Cost
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Current
Value
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||||||
*
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Vanguard
Fiduciary Trust
Company
|
Vanguard
500 Index Fund Investor
Shares
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^
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$
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15,949,054
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||||
*
|
"
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Vanguard
Explorer Fund
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^
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1,372,348
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|||||
*
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"
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Vanguard
Extended Market Index Fund
Investor Shares
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^
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1,171,034
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|||||
*
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"
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Vanguard
International Growth Fund
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^
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3,640,147
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|||||
*
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"
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Vanguard
International Value Fund
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^
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771,916
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|||||
*
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"
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Vanguard
Target Retirement 2005
Fund
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^
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151,578
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|||||
*
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"
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Vanguard
Target Retirement 2010
Fund
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^
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595,042
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|||||
*
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"
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Vanguard
Target Retirement 2015
Fund
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^
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2,199,790
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|||||
*
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"
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Vanguard
Target Retirement 2020
Fund
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^
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475,216
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|||||
*
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"
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Vanguard
Target Retirement 2025
Fund
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^
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893,905
|
|||||
*
|
"
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Vanguard
Target Retirement 2030
Fund
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^
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207,236
|
|||||
*
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"
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Vanguard
Target Retirement 2035
Fund
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^
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788,783
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|||||
*
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"
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Vanguard
Target Retirement 2040
Fund
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^
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124,698
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|||||
*
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"
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Vanguard
Target Retirement 2045
Fund
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^
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531,173
|
|||||
*
|
"
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Vanguard
Target Retirement 2050
Fund
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^
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103,048
|
|||||
*
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"
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Vanguard
Target Retirement Income
Fund
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^
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611,337
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|||||
*
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"
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Vanguard
Total Bond Market Index
Fund
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^
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3,921,289
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|||||
*
|
"
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Vanguard
Morgan Growth Fund Investor Shares
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^
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3,171,835
|
|||||
*
|
"
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Vanguard
Wellington Fund Investor
Shares
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^
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7,954,751
|
|||||
*
|
"
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Vanguard
Windsor II Fund Investor
Shares
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^
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2,493,687
|
|||||
*
|
"
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Vanguard
Retirement Savings Trust
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^
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27,698,016
|
|||||
*
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Bristow
Group Inc.
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Bristow
Group Inc. Stock Fund
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^
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3,422,314
|
|||||
Participant
loans
|
5%
- 9.25%, maturing at various dates through Septmeber 2033
|
—
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3,072,083
|
||||||
TOTAL
INVESTMENTS
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$
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81,320,280
|
SIGNATURE
|
BRISTOW
GROUP INC. EMPLOYEE SAVINGS AND RETIREMENT
PLAN
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Date:
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June 26,
2009
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By:
Bristow Group Inc., as Trustee to the
Plan
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By: /s/ Randall A.
Stafford
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Randall
A. Stafford
Vice
President, General Counsel
and
Corporate
Secretary
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Exhibit Number
|
Description
|
23.1
|
Consent
of Independent Registered Public Accounting
Firm
|