Market Overview

PHI, Inc. Announces Additional Extension of Expiration Time for Tender Offer and Consent Solicitation


PHI, Inc. (The Nasdaq Select Global Market: PHII (voting); PHIIK
(non-voting)) ("PHI") announced today that it is further extending the
expiration time of its previously-announced cash tender offer (the
"Tender Offer") to purchase any and all of the $500 million aggregate
principal amount of its outstanding 5.25% Senior Notes due 2019 (the
"2019 Notes") and its related consent solicitation (the "Solicitation")
to adopt certain proposed amendments to the indenture under which the
2019 Notes were issued. The expiration time applicable to the Tender
Offer and Solicitation, previously scheduled for 5:00 p.m., New York
City time, on September 21, 2018, has been extended to 5:00 p.m., New
York City time, on October 5, 2018, unless further extended or earlier
terminated. The previously-announced withdrawal deadline of 5:00 p.m.,
New York City time, on June 29, 2018 for holders to validly withdraw
tenders of 2019 Notes and revoke related consents remains intact and
continues to preclude any withdrawals after such time.

PHI's obligation to accept for purchase, and to pay for, the 2019 Notes
tendered pursuant to the Tender Offer is conditioned upon, among other
things, the completion of one or more debt financing transactions on
terms satisfactory to it, and having funds available therefrom that will
allow it to purchase the 2019 Notes pursuant to the Tender Offer. PHI
continues to explore several alternatives to raise the requisite amount
of funds to complete the Tender Offer. For a variety of reasons,
however, PHI cannot provide any assurances that these efforts will be
successful in the near term or at all.

According to information received from D.F. King & Co., Inc., PHI's
information and tender agent, as of 5:00 p.m., New York City time, on
September 21, 2018, PHI had received tenders and consents from holders
of 90.61% of the aggregate principal amount of its 2019 Notes.

This announcement is for informational purposes only and shall not
constitute an offer to purchase or a solicitation of an offer to sell
any securities. The Tender Offer and Solicitation were initially
announced by PHI on June 18, 2018, and each are being made only through,
and subject to the terms and conditions set forth in, the Offer to
Purchase and Consent Solicitation dated June 18, 2018 (the "Offer to
Purchase"), which sets forth the applicable tender consideration and a
more detailed description of the terms of the Tender Offer and
Solicitation. Except as described in this press release, the terms and
conditions of the Tender Offer and Solicitation as described in the
Offer to Purchase are unchanged. PHI has the right, in its sole
discretion, to amend, extend or terminate the Tender Offer at any time.

Copies of the Offer to Purchase may be obtained from D.F. King & Co.,
Inc. at (877) 297-1738 (US toll-free). Holders of the 2019 Notes are
urged to read the Offer to Purchase in its entirety.


PHI, Inc. is one of the world's leading helicopter services companies,
operating over 240 aircraft in over 70 locations around the world. Known
industry wide for the relentless pursuit of safe, reliable helicopter
transportation, PHI offers services to the offshore Oil and Gas, Air
Medical applications, and Technical Services applications around the
world. The staff of pilots and maintenance technicians gives the company
a great depth in all areas of operation and is composed of highly
skilled, dedicated, hardworking and loyal employees. In addition to
operations in the United States, the company has operated in 43 foreign
countries and continues to operate for customers across the globe. PHI's
Headquarters are in Lafayette, Louisiana USA and PHI employs
approximately 2,400 personnel globally.


All statements other than statements of historical fact contained in
this press release are "forward-looking" statements, as defined by (and
subject to the "safe harbor" protections under) the federal securities
laws. When used herein, the words "anticipates," "expects," "believes,"
"seeks," "hopes," "intends," "plans," "projects," "will" and similar
words and expressions are intended to identify forward-looking
statements. Forward-looking statements are based on a number of
judgments and assumptions as of the date such statements are made about
future events, many of which are beyond PHI's control. These
forward-looking statements, and the assumptions on which they are based,
(i) are not guarantees of future events, (ii) are inherently speculative
and (iii) are subject to significant risks, uncertainties. Actual events
and results may differ materially from those anticipated, estimated,
projected or implied by us in those statements if one or more of these
risks or uncertainties materialize, or if PHI's underlying assumptions
prove incorrect. All of PHI's forward-looking statements are qualified
in their entirety by reference to PHI's discussion of certain important
factors that could cause PHI's actual results to differ materially from
those anticipated, estimated, projected or implied by us in those
forward looking statements.

Factors that could cause PHI's results to differ materially from the
expectations expressed in such forward-looking statements include, but
are not limited to, PHI's ability to timely consummate refinancing or
other transactions on terms that will permit PHI to fund its pending
tender offer, to reduce its short-term debt and to otherwise meet its
objectives; corporate developments that could preclude, impair or delay
the above-described transactions due to restrictions under the federal
securities laws; changes in the credit ratings of PHI; changes in PHI's
cash requirements, financial position, financing plans or investment
plans; changes in general market, economic, tax, regulatory or industry
conditions that impact the ability or willingness of PHI to consummate
the above-described transactions on the terms described above or at all;
and other risks referenced from time to time in PHI's filings with the
U.S. Securities and Exchange Commission. There can be no assurances that
the above-described transactions will be consummated on the terms
described above or at all.

Additional factors or risks that PHI currently deems immaterial, that
are not presently known to us, that arise in the future or that are not
specific to us could also cause PHI's actual results to differ
materially from its expected results. Given these uncertainties,
investors are cautioned not to unduly rely upon PHI's forward-looking
statements, which speak only as of the date made. PHI undertakes no
obligation to update publicly any forward-looking statements, whether as
a result of new information, future events or developments, changed
circumstances, or otherwise. Further, PHI may make changes to its plans
at any time and without notice, based on any changes in the above-listed
factors, PHI's assumptions or otherwise.

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