Market Overview

PHI Terminates Tender Offer for Its 5.25% Senior Notes Due 2019


PHI, Inc. (The Nasdaq Select Global Market: PHII (voting); PHIIK
(non-voting)) announced today that it has terminated 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 March 2019 and its related consent
solicitation (the "Solicitation"), both of which were initially
announced on June 18, 2018.

This press release constitutes a formal termination of the Tender Offer
and Solicitation, and a formal notification that the Company will not
accept for purchase any 5.25% Senior Notes tendered in connection with
the Tender Offer. All 5.25% Senior Notes previously tendered and not
withdrawn will be promptly returned or credited back to their respective
holders. The Company reserves the right to initiate a new tender offer
or to purchase its outstanding bonds in the open market at a later date
if conditions in the financing markets improve, but is under no
obligation to do so.

As previously announced, the Company has recently refinanced its secured
revolving credit facility and has engaged 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. There is no current timetable
for completing this process and no assurance that it 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.

Any questions relating to the termination of the Tender Offer and
Solicitation may be directed to D.F. King at (877) 297-1738 (U.S.
toll-free) or by email at

This press release is for informational purposes only, and constitutes
neither an offer to buy nor a solicitation of an offer to sell the
above-described notes or any other securities.

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

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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