Offshore Logistics, Inc. Announces Plans for New Equipment Purchases
LAFAYETTE, La.--(BUSINESS WIRE)--April 24, 2001--Offshore Logistics, Inc., (NASDAQ:OLOG) announced today that it has entered into a purchase agreement with Bell Helicopter Textron Inc. for four Bell 412 EP helicopters for approximately $23,000,000 with an option on an additional eight aircraft.
George Small, President of Offshore Logistics, Inc., said, "Our motivation for entering into this agreement is two fold. We have an immediate need for medium sized aircraft (12 passenger) to be able to service our customers' current requirements, and have been unable to source used equipment in the market. Second, our twelve-passenger helicopter fleet consists of approximately 100 units, which have an average age approaching twenty years. We must begin a program of fleet replacement now to ensure an adequate supply of aircraft for the future. The Bell 412 EP has been a top performer around the world in a wide variety of missions."
Offshore Logistics, Inc. is a major provider of helicopter transportation services to the oil and gas industry worldwide. Through its subsidiaries, affiliates and joint ventures, the Company provides transportation services in most oil and gas producing regions including the United States Gulf of Mexico, the North Sea, Africa, Mexico, South America, Australia, Egypt and the Far East. The Company's Common Stock is traded on the NASDAQ National Market under the symbol OLOG |
