Offshore Logistics, Inc. Announces Award of Contract, Purchase of Equipment, and Date for Earnings Announcement
LAFAYETTE, La.--(BUSINESS WIRE)--Oct. 25, 2000--Offshore Logistics, Inc., (NASDAQ:OLOG) announced today that its wholly owned subsidiary, Air Logistics, L.L.C., was recently awarded a five year contract to provide all of the helicopter services for Island Operating Company, Inc. The contract will require approximately eighteen (18) helicopters in support of Island Operating's production management services in the US Gulf of Mexico and will generate revenues of approximately $12 million per year.
George Small, President of OLOG stated "We have previously provided helicopter transportation services for Island Operating and are very pleased that they have made the decision to consolidate all of their helicopter requirements with Air Logistics. We are confident that we will be able to service all of Island's transportation needs in the future."
OLOG also announced its commitment to acquire six (6) additional Bell 407 helicopters with delivery scheduled during the first quarter of calendar 2001. This commitment responds to customer requirements for aircraft, primarily in the US Gulf of Mexico, and should help alleviate some of the equipment shortage experienced by the Company during the recent improvement in activity levels. This will increase the number of Bell 407s operated by the Company to thirty-five (35).
The Company will report its earnings for the quarter ended September 30, 2000 on Wednesday November 8, 2000. Mr. Small stated "Earnings for the quarter ended September 30, 2000 are expected to be higher than current estimates carried by securities analysts. These earnings are a result of increased demands for services from our customers which was caused by increased drilling and production activity in response to improving commodity prices." OLOG will conduct a telephonic conference to discuss its second-quarter results with analysts, investors and other interested parties at 10:00 AM Central Time on Thursday, November 9, 2000. Those interested in participating in that teleconference should call 800-530-9601 (212-346-0102, if outside the US) prior to the scheduled start and ask for the Offshore Logistics, Inc. conference call. A replay will be available immediately following the teleconference. To hear that recording, call 800-633-8284 (858-812-6440, if outside the US). Enter reservation number 16758776. This replay will be available for forty-eight hours following the conference call. |
