Bristow Group and Columbia Helicopters have mutually agreed to terminate Bristow's agreement to acquire Columbia. In connection with the termination, Bristow has paid $20 million to Columbia.

Bristow, Columbia and Columbia's shareholders have agreed to release each other from all claims in connection with the purchase agreement and the related transactions.

Bristow chairman of the board Thomas C. Knudson says: “The decision to enter into a mutual termination of the purchase agreement was based on a number of developments following the entry into the agreement, which led both ourselves and Columbia to conclude that it was not possible to combine the two companies at this time. We continue to value the relationship between the two companies and look forward to having the opportunity to work together in the future.”

Columbia president and CEO Steve Bandy adds: “We continue to believe in the potential for collaboration between Bristow and Columbia, and the companies are actively considering mutually beneficial opportunities to work together.”