PHI Announces Sale of Majority Interest

The Suggs Family Fund, L.L.C., the owner of 51.975% of the outstanding voting common stock and 28.197% of the total outstanding common stock in Petroleum Helicopters, Inc., announced an agreement for the private sale of this stock to businessman Al A. Gonsoulin. The announcement was made jointly by Mr. Gonsoulin and Carroll W. Suggs, the Managing Member of the fund and Chairman of the Board of Directors of PHI.

PHI was founded by Mrs. Suggs' late husband, Robert L. Suggs, who built the oil services company into an industry leader. The sale will complete the family's divestiture of all of its holdings in the company.