Offshore Logistics, Inc. completes the acquisition of a significant economic interest in Bristow Aviation Holdings Limited

Business Wire, Dec 19, 1996

OLOG has acquired 49% of the common stock and a significant economic interest in Bristow Aviation Holdings Limited (Bristow), a company incorporated in England which now holds all of the outstanding shares in BHGL. OLOG will consolidate the results of Bristow for financial reporting purposes. The transaction has been approved by the British Civil Aviation Authority.

The transaction, which values BHGL at approximately $300 million, has been funded by cash, OLOG stock (1,374,389 shares) and the assumption of Bristow debt (approximately $145 million). As a result of the transaction, OLOG has issued $87.5 million of 6% convertible subordinated notes due in 2003. Caledonia Investments plc, who also holds 49% of the common stock of Bristow, now holds approximately 6% of the common stock of OLOG and has selected two nominees to become directors of OLOG.

James B. Clement, President and Chief Executive Officer, stated that Offshore Logistics is very excited about the prospects for this alliance with BHGL. "The strategic and economic alliance between BHGL and OLOG will allow us to offer to the major international oil companies a level of service, expertise, experience and geographic and equipment diversity that will be unmatched in the helicopter industry. The U.S. and European operations of OLOG and BHGL will continue to operate independently while we work to form as close an operational, economic and strategic alliance as possible in other markets. This combination will position both companies to take advantage of the exciting growth potential in the international oil and gas industry."

CONTACT: Offshore Logistics, Inc., Lafayette

George Small, 318/233-1221