Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Law firms start investigating Bristow Group

Bristow contract extensions

A number of US law firms have announced investigations into Bristow Group on behalf of investors after the firm last week cast doubt on the validity of its finances.

The company, which has a major helicopter operation in the North Sea, saw its share price plummet last week after it reported “material weaknesses” in its financial reporting.

Several US legal firms have announced they are starting investigations into whether Bristow had violated federal securities laws or carried out any other unlawful business practices.

Bristow said it has not detected any indications of impropriety.

Those investigating include Glancy Prongay & Murray of Los Angeles, Block & Leviton of Boston and Levi & Korsinsky of New York.

Another, Kirby McInerney, issued a statement saying “this investigation concerns whether Bristow has violated federal securities laws and/or engaged in other unlawful business practices”.

Following last week’s announcement, Bristow’s share price dropped 40% from $3.00 to $1.80.

The firm, which employs around 900 people in the UK, said there would be no impact on its UK operations.

In a press release issued yesterday, the firm said the “weaknesses” in its financial reporting related to the removal of certain helicopter engines from pledged or leased airframes.

The firm said it is “continuing to assess” the impact of the issue on Bristow’s balance sheet and is working to “develop a remediation plan”.

In a statement, Bristow said: “The Company has not detected any indications of accounting irregularities or impropriety in this process.”

Recommended for you

Tags

More from Energy Voice

Latest Posts