Market Overview

PHI Provides Update on Its Refinancing and Strategic Plans


PHI, Inc. (The Nasdaq Select Global Market: PHII (voting); PHIIK
(non-voting)) announced today several steps related to its long-term
financial and strategic positioning, including the refinancing of its
senior secured revolving credit facility and a review of the Company's
potential strategic alternatives.

Refinancing of Secured Debt

On September 28, 2018, the Company borrowed $130 million from the
financing affiliate of Al A. Gonsoulin, the Company's Chairman, CEO and
controlling shareholder. The loan bears interest at a rate of 6% per
year, and matures on September 28, 2020. The proceeds of this loan were
used to repay and terminate the Company's senior secured revolving
credit facility (the "Terminated Facility") and to cash collateralize
letters of credit that will remain outstanding.

The loan from Mr. Gonsoulin's affiliate is guaranteed by two of the
Company's principal subsidiaries. The obligations of the Company and the
two guarantors are secured by their domestic inventory, spare parts and
accounts receivable. These guaranties and collateral match the
guaranties and collateral that previously secured the Terminated
Facility. Unlike the Terminated Facility, the loan from Mr. Gonsoulin's
affiliate includes no financial covenants.

In connection with unanimously approving the new loan, the Company's
independent directors received an opinion issued by a
nationally-recognized financial advisory firm that the loan is fair to
the Company from a financial point of view.

Retainment of Financial Advisor

The Company also announced its engagement of Houlihan Lokey as its
financial advisor to assist the Company in exploring and evaluating a
broad range of potential strategic alternatives to improve the Company's
liquidity and enhance shareholder value. At this time, the Company's
Board has not set a timetable for the completion of this process, nor
has it made any decisions related to specific strategic alternatives.
There is no assurance that this process will result in any particular
outcome. The Company does not intend to provide any updates on its
process unless or until it determines that further disclosure is
necessary or appropriate.

Retention Arrangements

The Company further announced the adoption of new retention plans
providing potential benefits in the event of certain change of control
transactions. These arrangements are designed to ensure continuity of
its business and senior leadership teams through the completion of the
strategic alternatives review and any potential outcome of that process.

About PHI, Inc.

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. PHI's professional staff 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

Additional information about the above-described transactions can be
found in the Current Report on Form 8-K that the Company intends to file
on the date hereof with the U.S. Securities and Exchange Commission.

Forward-Looking Statements

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," "views," "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, the failure of our strategic review to identify
attractive alternatives; changes in the capital markets or other market
or financial conditions; corporate developments that could preclude,
impair or delay any of 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 pursue or consummate any of 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 any of 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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