UPDATE 2-Bristow buys stake in Brazil's Lider

* Bristow to get 20 pct voting rights in Lider

* Deal to be funded with cash on hand

* Deal expected to add to Bristow earnings

* Says deal to help expand relationship with Petrobras (Recasts; adds conference call comments, background, share movement)

May 27 (Reuters) - Bristow Group Inc (BRS.N: Quote, Profile, Research), which provides helicopter services to the offshore energy industry, said it acquired a 42.5 percent stake in Brazil's Lider Aviacao Holding S.A for $174 million, helping it expand its helicopter operations in Brazil.

In an interview with Reuters in April, the company's Chief Executive William Chiles had said Bristow was looking to expand in Brazil. [ID:nWNAB1556]

"It would be extremely difficult for Bristow to go down there and compete heads-up with the five other operators there or the five existing operators," Chiles said Wednesday in a conference call with analysts.

"The way I look at it, it gives us a ticket to play in the Super Bowl and otherwise we would be locked out of that market," he added.

Bristow said the deal with Lider would help it expand its relationship with Brazil's state-run oil company Petrobras (PETR4.SA: Quote, Profile, Research)(PBR.N: Quote, Profile, Research).