Offshore Logistics, Inc. Provides Update after Recent Hurricanes
03 Outubro 2005 - 10:15AM
Business Wire
Offshore Logistics, Inc. (NYSE: OLG) reported today that its
helicopter fleet operating in the U.S. Gulf of Mexico did not
sustain any damage from hurricanes Katrina and Rita. Prior to
landfall for both hurricanes, the Company moved its helicopters out
of the path of the storms. This is standard operating procedure
when any significant tropical storm or hurricane approaches the
Company's operating facilities located along the Gulf Coast. In
addition, there were no employee injuries or fatalities from the
hurricanes. However, Hurricane Katrina caused a total loss of the
Company's shorebase facility located at Venice, Louisiana.
Hurricane Rita severely damaged the Company's shorebase facility
located at Creole, Louisiana. In addition, Hurricane Rita caused
extensive flooding at the Company's shorebase facility located at
Intracoastal City, Louisiana. Some minor storm damage occurred at
other facilities, but all are operational. While a thorough damage
assessment of the facilities is currently under way, it is expected
that losses will be covered by insurance, net of deductibles, and
therefore will not have a material effect on the Company's
financial results. At this time, the Company is in the process of
evaluating what actions will be taken with regard to the Venice and
Creole bases. The Company intends to repair the damage at the
Intracoastal City base as well as the minor damage at its other
facilities. In response to the hurricane damage, the Company has
increased flight activities from its operations headquarters
located at Acadiana Regional Airport in New Iberia, Louisiana and
consolidated flight activities at its remaining shorebase
facilities. In addition, the Company is expanding its shorebase
facility located at Galliano, Louisiana in response to the
unavailability of the Venice facility. Despite the disruption
caused by the hurricanes, the Company is currently meeting all of
its customers' needs for flight services from its remaining
facilities. 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 and
Alaska, the North Sea, Africa, Mexico, South America, Australia,
Russia, Egypt and the Far East. The Company's Common Stock is
traded on the New York Stock Exchange under the symbol OLG.
Statements contained in this press release regarding damage
assessments, effect on operations, as well as any other statements
that are not historical facts are forward-looking statements,
including any statements about the Company's or management's
intentions, hopes, beliefs, expectations or predictions of the
future. It is important to note that the Company's actual results
could differ materially from those projected in such
forward-looking statements. Additional information concerning
factors that could cause actual results to differ materially from
those in the forward-looking statements is contained from time to
time in the Company's SEC filings, including but not limited to the
Company's report on Form 10-K for the year ended March 31, 2004 and
the Company's reports on Form 10-Q for the quarters ended June 30,
2004, September 30, 2004, and December 31, 2004. Offshore
Logistics, Inc. disclaims any intention or obligation to revise any
forward-looking statements, including financial estimates, whether
as a result of new information, future events, or otherwise.
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