PHI to Form JV in Brazil

PHI has entered into a Letter of Intent with TAM Empreedimentos e Participaçes to form a joint venture company that will provide helicopter transportation to the expanding Brazilian oil and gas offshore market.

Mauricio Amaro, one of the shareholders of TAM Group stated, "We are pleased to enter into this LOI to develop a new company that will reflect the strong leadership and innovative management approach both companies have been known for. We look forward to working closely with the PHI team to bring a comprehensive business plan of a safe and efficient helicopter transportation company to the Brazilian offshore market."

"This partnership represents the start of a new chapter in South American offshore helicopter services. Our two companies will strive to deliver the highest level of safety and service to the offshore market. We at PHI view this as a long-term growth opportunity and look forward to working with TAM, a company that shares our core values of safety and service," said PHI Chairman/CEO, Al A. Gonsoulin.

Related Companies
 Company: PHI Helicoptermore info
 - PHI to Form JV in Brazil (May 4)
 - PHI CEO Awarded MMS Offshore Leadership Award (May 7)
 - PHI Reports Loss for 2006 (Mar 16)
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