<SUBMISSION>
<ACCESSION-NUMBER>0000073887-04-000136
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20040901
<ITEMS>1.01
<ITEMS>9.01
<FILING-DATE>20040907
<DATE-OF-FILING-DATE-CHANGE>20040907
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>OFFSHORE LOGISTICS INC
<CIK>0000073887
<ASSIGNED-SIC>4522
<IRS-NUMBER>720679819
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0331
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-31617
<FILM-NUMBER>041018601
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>224 RUE DE JEAN
<STREET2>PO BOX 5C
<CITY>LAFAYETTE
<STATE>LA
<ZIP>70505
<PHONE>3182331221
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>224 RUE DE JEAN 70508
<STREET2>PO BOX 5C
<CITY>LAFAYETTE
<STATE>LA
<ZIP>70505
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>chanteragrmnt_8k.htm
<DESCRIPTION>CHANTER AGREEMENT
<TEXT>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED STATES<BR>SECURITIES AND
EXCHANGE COMMISSION<BR>WASHINGTON, DC 20549 </FONT></H1>

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<A NAME=A004></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>FORM 8-K </FONT></H1>

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<A NAME=A005></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CURRENT REPORT PURSUANT<BR>TO SECTION 13 OR 15(D)
OF THE<BR>SECURITIES EXCHANGE
ACT OF 1934 </FONT></H1>

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<A NAME=A008></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>September 1, 2004</B> <BR>(Date of earliest event
reported) </FONT></P><BR>

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<A NAME=A010></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Offshore Logistics,
Inc.</B> <BR>(Exact Name of
Registrant as Specified in Its Charter) </FONT></P>

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<A NAME=A012></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Delaware </B><BR>(State or Other
Jurisdiction of Incorporation) </FONT></P>

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<TR VALIGN=Bottom>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="50%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;001-31617</B></FONT></TD>
     <TD WIDTH="50%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>72-0679819</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Commission File Number)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(IRS Employer</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Identification No.)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 Rue de Jean<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.O. Box 5C,</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lafayette, Louisiana</B></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>70505</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of Principal Executive Offices)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Zip Code)</FONT></TD></TR>
</TABLE>

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<A NAME=A014></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(337) 233-1221</B><BR>(Registrant&#146;s
Telephone Number, Including Area Code) </FONT></P>

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<A NAME=A016></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Not Applicable</B><BR>(Former Name or Former
Address, if Changed Since Last Report) </FONT></P><BR>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (<I>see
</I>General Instruction A.2. below): </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|_|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|_| Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|_|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|_|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) </FONT></P>


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<A NAME=A020></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 1.01. Entry into a
Material Definitive Agreement. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September 1, 2004 (the &#147;Effective Date&#148;), Keith Chanter entered into a
separation agreement (the &#147;Agreement&#148;) with Bristow Helicopter Group Limited
(&#147;Bristow&#148;). Offshore Logistics, Inc. (&#147;OLOG&#148;) has joined in the
Agreement for the limited purpose of assuring that the compensation and benefits payable
by Bristow to Mr. Chanter are timely and properly made. The Agreement terminates and
supersedes Mr. Chanter&#146;s employment agreement with Bristow dated as of September 26,
1997 and all amendments thereto. </FONT></P>

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<A NAME=A021></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Agreement:</FONT></P>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Mr. Chanter will terminate his employment with Bristow as of the Effective Date.</FONT></TD>
</TR>
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<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Mr. Chanter is obligated to provide consulting services as an independent contractor to
Bristow until December 31, 2004. </FONT></TD>
</TR>
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<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Mr. Chanter is subject to confidentiality and non-competition covenants.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Mr. Chanter will receive the following amounts on September&nbsp;17, 2004: (i)&nbsp;a
Technical Services Payment of &pound;51,917, (ii)&nbsp;a Loss of Office payment of
&pound;30,000, and (iii)&nbsp;one-half of his Termination Payment of &pound;366,208, or
&pound;183,104. The remaining &pound;183,104 of his Termination Payment will be payable in
four equal monthly installments of &pound;45,776, without interest, beginning on September
30, 2004. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
For a period of one year after the Effective Date, Bristow shall provide Mr. Chanter with
private medical insurance, life insurance, personal accident coverage and motor vehicle
insurance; provided, however that the obligation of Bristow to maintain such insurance
coverages shall cease upon Mr. Chanter&#146;s commencement of full-time employment with
another company. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
All of Mr. Chanters&#146; options to buy common stock of OLOG granted pursuant to the 1994
Long-Term Management Incentive Plan will vest and become immediately exercisable as of the
Effective Date. Certain of these options will remain exercisable for a period of twelve
months from the Effective Date. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Mr. Chanter releases and discharges Bristow, OLOG and all of their respective parents,
owners, subsidiaries and affiliates from all claims and rights of action, including those
related to, arising from or attributed to Mr. Chanter&#146;s employment with Bristow and
all other acts or omissions related to any matter up to and including the date of
Chanter&#146;s execution of this Agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
description of the Agreement is qualified by reference to the full text of the Agreement.
A copy of the Agreement is included as Exhibit 10.1 to this report and is incorporated by
reference into this Item. </FONT></P>

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<A NAME=A022></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9.01. Financial
Statements and Exhibits. </FONT></H1>

     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;
          Exhibits. </FONT></P>


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     <TH ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit Number</FONT><HR WIDTH="40%" SIZE="1" COLOR="Black" ALIGN="Left"></TH>
     <TH ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Description of Exhibit</FONT><HR WIDTH="40%" SIZE="1" COLOR="Black" ALIGN="Left"></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="50%" ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.1</FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Agreement dated as of September 1, 2004, between
                                                              Bristow Aviation Holdings, Ltd. and Keith Chanter.</FONT></TD></TR>
</TABLE>

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<A NAME=A024></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated: September 7, 2004</FONT></P>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>OFFSHORE LOGISTICS, INC.</B><BR>(Registrant)<BR><BR>
<BR>/s/ H. Eddy Dupuis<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
H. Eddy Dupuis<BR>Chief Financial Officer</FONT></TD>
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<SEQUENCE>2
<FILENAME>chanteragrmnt.htm
<DESCRIPTION>10.1 CHANTER AREEMENT
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<P ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>EXHIBIT 10.1</B></FONT></P>

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<A NAME=A001></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AGREEMENT </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS
AGREEMENT</B> (<B><I>&#147;Agreement&#148;</I></B><I></I>) is made, effective as of
September 1, 2004, by and between <B>BRISTOW HELICOPTER GROUP LIMITED </B>(the
<B><I>&#147;Company&#148;</I></B><I></I>) and <B>KEITH CHANTER</B>
(<B><I>&#147;Chanter&#148;</I></B><I></I>); </FONT></P>

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<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>W
I T N E S S E T H</U></B><U></U>: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>,
Chanter has been employed by the Company as its Chief Executive since August 12, 1997 and
Managing Director since May 21, 1999; and </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>,
Chanter has informed the Company that he will resign as Chief Executive, Managing Director
and as an employee of the Company effective as of September 1, 2004 (the &#147;Effective
Date&#148;); and </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>,
the Company and Chanter have agreed to the financial terms of Chanter&#146;s transition
from the Company and Chanter&#146;s consulting relationship with the Company as an
independent contractor; and </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>,
this Agreement will supercede and terminate all employment agreements entered into between
Chanter and the Company and its Affiliates; including, but not limited to: (i) the
Agreement dated September 26, 1997 between Bristow Helicopter Group Limited and Keith
Chanter; (ii) Letter Modification dated May 18, 1999 from P. N. Buckley, Chairman, Bristow
Helicopter Group Limited to Keith Chanter; (iii) Change of Control Employment Agreement
dated January 31, 2002 between Keith Chanter and the Company&#146;s Affiliate, Offshore
Logistics, Inc. and (iv) Letter Agreement dated December 22, 2003 entitled &#147;Agreement
of Variation of Your Terms and Conditions of Employment&#148; from Bristow Helicopter
Group Limited to Keith Chanter (the &#147;December 2003 Agreement&#148;) , except as
otherwise specifically provided herein, as of the Effective Date; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW,
THEREFORE</B>, for and in consideration of the compensation to be paid to Chanter under
this Agreement and the mutual promises, covenants and undertakings contained in this
Agreement, which the parties hereby acknowledge, and intending to be legally bound hereby,
the Company and Chanter agree as follows: </FONT></P>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>1.</B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Separation from Employment</U></B><U></U>: Chanter will terminate his
          contractual and common law employment with the Company, effective as of the
          Effective Date. Chanter will terminate his position as Chief Executive and
          Managing Director of the Company as well as any other offices, positions or
          directorships he holds with the Company and any of its affiliates; including,
          but not limited to, his position as a Company appointed Director of F.B.
          HeliServices Limited (&#147;FBH&#148;), effective as of the Effective Date.
          Subject to the terms of this Agreement, Chanter&#146;s entitlement to salary and
          benefits shall terminate on the Effective Date.  </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>2.</B></FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Consulting
          Arrangement</U></B><U></U>:</FONT></TD>
</TR>
</TABLE>
<BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Consulting Period</U></B><U></U>: As part of the consideration for the
          compensation to be paid under this Agreement, Chanter will provide consulting
          services hereunder each commencing on the Effective Date and ending December 31,
          2004, unless earlier terminated by the Company (the <B><I>&#147;Consulting
          Period&#148;</I></B><I></I>). The Company may terminate the Consulting Period in
          the event Chanter accepts other employment that cumulatively impairs
          Chanter&#146;s ability to respond to the requirements of the consulting
          arrangement hereunder. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Extent of Services</U></B><U></U>: During the Consulting Period, Chanter
          will provide consulting services to the Company relating to: (i) completion of
          negotiations and execution of a revised Joint Venture / Shareholder Agreement
          with FR Aviation in respect of the FB Heliservices Joint Venture
          (&#147;FBH&#148;); and (ii) matters relating to the duties carried out by
          Chanter with respect to his role as Chief Executive and Managing Director of the
          Company. In providing such consulting services, Chanter will assist and advise
          officers and directors of the entities comprising the Company and/or its
          Affiliates, including Offshore Logistics, Inc. (&#147;OLOG&#148;) respecting
          such matters. Chanter will provide advice, assistance, consultation, ideas,
          assessments and evaluations as may be requested by members of the Board of
          Directors of OLOG ( the &#147;Board&#148;) insofar as they relate to the
          services described herein; provided, however, Chanter will not be actively
          involved in the management of the Company. Chanter will at all times faithfully
          and diligently perform those duties and exercise such powers consistent with
          them which are from time to time necessary in connection with the provision of
          the consulting services and shall use his best endeavors to promote the
          interests of the Company and its Affiliates in the performance of the consulting
          services. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Time and Manner of Performance</U></B><U></U>: Chanter&#146;s consulting
          services hereunder will be provided as an independent contractor. It is intended
          that Chanter will devote approximately fifteen (15) hours per week in providing
          consulting services to the Company. Chanter will obey all lawful and reasonable
          directions of the Board in connection with the performance of the consulting
          services and will coordinate the furnishing of his consulting services hereunder
          with Mr. Allan Brown and Mr. William E. Chiles on behalf of the Company in order
          that Chanter will be available for such meetings as may be necessary and so that
          such services can be provided to generally conform to the business schedules,
          timing requirements and service needs of the Company. The Company will use its
          best efforts to provide Chanter with one week notice of the requirement to
          provide such services or attend such meetings so that Chanter may schedule his
          attendance and Chanter will use his best efforts to inform the Company one week
          in advance of any significant period of non-availability for vacation or for
          other reasons. Chanter will have the right to devote such portion of his
          business day and working efforts to personal business matters, personal and
          family affairs and other professional and community pursuits which do not
          interfere with the rendering of consulting services by Chanter hereunder.
          Chanter is not expected to be available for consulting services during
          reasonable vacation periods or during periods of illness or incapacity. It is
          intended hereby that the hours of consulting services provided by Chanter
          hereunder will be fairly apportioned throughout the Consulting Period so as to
          meet the needs of the Company and so as not unreasonably to interfere with
          Chanter&#146;s other professional and personal activities. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Office and Administrative Support</U></B><U></U>: During the Consulting
          Period, the Company will provide Chanter with: (i) office space and secretarial
          assistance, at a location, to be selected by the Company, at or near the
          Company&#146;s office located at Redhill Aerodrome, Redhill, Surrey; (ii) his
          current Company provided personal computer which Chanter shall be free to keep
          after conclusion of the Consulting Period for his own use and, subject to
          compliance with applicable licensing agreements, computer software necessary to
          permit Chanter to perform his duties under this Agreement and (iii) his current
          Company provided cell phone which Chanter shall be free to keep after conclusion
          of the consulting period for his own use. The Company shall pay for the cell
          phone service during the Consulting Period and Chanter shall assume and pay for
          such cell phone service after termination of the Consulting Period. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Business and Travel Expenses</U></B><U></U>: Subject to prior approval by
          either Mr. Allan Brown or Mr. William E. Chiles, Chanter will be entitled to
          reimbursement from the Company for reasonable business and travel expenses
          related to the performance of his duties under this Agreement during the
          Consulting Period. The Company will reimburse Chanter for such reasonable
          expenses upon presentation of an itemized account of those expenditures, in
          accordance with established policies and procedures of the Company as in effect
          from time to time. This shall include the costs associated with use of a motor
          car by Chanter for travel to Company&#146;s offices, or such other locations as
          the provision of his services during the Consulting Period shall reasonably
          require, which shall be reimbursed at the rate of 40 pence per mile. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Proprietary and Confidential Information</U></B><U></U>: Chanter
          recognizes and acknowledges that (i) during his employment with the Company he
          has had and (ii) during his consulting capacity he will have, access to
          proprietary and confidential information of the Company from time to time while
          he performs consulting services and that such information is a valuable, special
          and unique asset of the Company. Therefore, as part of this Agreement, Chanter
          agrees that he will not, during or after the term of this Agreement, disclose
          any proprietary or confidential information he obtains from the Company to any
          person, firm, corporation or other entity for any reason or purpose nor use any
          such confidential information for any purpose other than those contemplated by
          this Agreement save as may be required by law. The obligations of this
          Paragraph&nbsp;2(f) will survive termination of Chanter&#146;s consulting
          services under this Agreement. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(g)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Noncompetition</U></B><U></U>: As part of the consideration for the
          compensation to be paid under this Agreement, Chanter hereby agrees that he will
          not on his own account or jointly with or as manager, agent officer, employee,
          shareholder, partner or otherwise on behalf of any other person, firm or
          company, directly or indirectly, without the express prior written consent of
          the Board: (i) during the Consulting Period and for a period of one year
          thereafter be engaged, concerned or interested in or associated with any
          business which is the same as, or competes with, any business carried on by the
          Company or any Affiliate within the United Kingdom on or at any time during the
          period of three months ending on the Effective Date (the &#147;Relevant
          Business&#148;); (ii) during the Consulting Period and for a period of one year
          thereafter, carry on or be engaged, concerned or interested in the sale of goods
          or provision of services of a kind supplied by the Company or any Affiliate
          within the United Kingdom in connection with its Relevant Business, to any
          person, firm or company which has at any time within the period of two years
          preceding the Effective Date been a customer of, or in the habit of dealing
          with, such company for such goods or services; (iii) during the Consulting
          Period and for a period of one year thereafter, interfere with or endeavor to
          entice away from the Company or any Affiliate, the business of any person, firm
          or company who to his knowledge is or has during the two years preceding the
          Effective Date been a client, customer, correspondent or agent of, or in the
          habit of dealing with, such company nor enter into a partnership or any
          association whether directly or indirectly with any such person; and (iv) during
          the Consulting Period and for a period of one year thereafter solicit, interfere
          with or endeavor to entice away from the Company or any Affiliate or offer to
          employ any person who on or during the twelve months preceding the Effective
          Date is or was an officer or employee of or full time consultant to, the Company
          or any Affiliate; PROVIDED ALWAYS THAT nothing in this Section shall prohibit
          Chanter from holding or being interested in investments (quoted or unquoted) not
          representing more than five percent (5%) of the issued securities of any class
          or any one company; (iii) Chanter also covenants and undertakes with the Company
          (for itself and as agent for each Affiliate) as a further and separate
          obligation as aforesaid that, save in his proper performance of his duties
          hereunder, he will not directly or indirectly during the Consulting Period or
          thereafter make use of any corporate or business name which is identical or
          similar to or is likely to be confused with the corporate name for any business
          name of the Company or Affiliate or which might suggest a connection with same.
          While these restrictions are considered by both parties to be reasonable in all
          circumstances it is recognized that restrictions of the nature in question may
          fail for technical reasons unforeseen, and accordingly it is hereby declared and
          agreed that if any of such restrictions shall be adjudged to be void as going
          beyond what is reasonable in all the circumstances for the protection of the
          interests of the Company but would be valid if part of the wording thereof were
          deleted and/or the periods (if any) thereof reduced and/or area dealt with
          thereby reduced in scope the said restrictions shall apply with such
          modifications as may be necessary to make them valid and effective. For purposes
          of this Agreement the term &#147;Affiliate&#148; means any parent undertaking of
          the Company and any subsidiary undertaking of the Company or of any such parent
          undertaking (where &#147;parent and undertaking&#148; and &#147;subsidiary
          undertaking&#148; have the meanings attributed to them under Section 258
          Companies Act 1985). </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(h)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Public Statements</U></B><U></U>: Chanter and the Company will refrain,
          both during the Consulting Period and after the Consulting Period terminates,
          from publishing any oral or written statements about the other party (and where
          the other party is the Company or any of its Affiliates, about any of their
          officers, directors, employees, consultants, agents or representatives) that (1)
          are slanderous, libelous, derogatory or defamatory, or (2) place the other party
          (and where the other party is the Company or any of its Affiliates, any of their
          officers, directors, employees, consultants, agents or representatives) in a
          false light before the public. The obligations of this Section 2(h) will survive
          termination of Chanter&#146;s consulting services under this Agreement. The
          Company will within three (3) working days issue a press release substantially
          in the form attached at Schedule 1 and will not, and will procure that its
          officers, directors, employees, consultants, agents and representatives will
          not, make any public statements with regard to the subject matter of the press
          release, other than in accordance with its terms. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Confirmation of Employment</U></B><U></U>. At the request of Chanter, the
          Company shall cause its Managing Director or the Chief Executive of OLOG to
          provide such employment recommendations for Chanter which will confirm
          Chanter&#146;s position and term of employment with the Company and the duties
          he performed while he was employed by the Company all generally in the form
          attached hereto as Schedule 2 and the Company shall cause such officer and all
          other appropriate officers, directors and employees of the Company and any
          Affiliate to respond to any inquiries in a manner consistent therewith. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>3.</B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Compensation and Benefits</U></B><U></U>: </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Technical Services Payment</U></B><U></U>: The Company shall pay Chanter
          on September 17, 2004 the sum of &pound;51,917 in full and complete satisfaction
          of the Technical Services Payment which would otherwise be due Chanter from the
          Company pursuant to Section 2.3 of the December 2003 Agreement. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Termination Payment</U></B><U></U>. The Company shall pay Chanter the sum
          of &pound;366,208 in full and complete satisfaction of the Termination Payment
          required by Section 2.4 of the December 2003 Agreement (the &#147;Termination
          Payment&#148;). The Termination Payment shall be made in five parts, firstly on
          September 17, 2004 a sum of &pound;183,104 and secondly four equal monthly
          installments of &pound;45,776, without interest, beginning on September 30, 2004
          and continuing on the last day of each month thereafter until December 31, 2004
          when the final payment of &pound;45,776 shall be paid to Chanter. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Additional Benefits</U></B><U></U>. For a period of one year after the
          Effective Date, the Company shall provide the following benefits to Chanter on
          the same terms and conditions as if Chanter had continued in the employment of
          the Company for such period: (i) private medical insurance; (ii) life insurance;
          (iii) personal accident coverage; and (iv) motor vehicle insurance; provided,
          however, the Company&#146;s obligation to provide these benefits shall
          immediately cease upon Chanter&#146;s commencement of full-time employment with
          any employer other than the Company or any of its affiliates. Chanter shall
          inform the Company as soon as reasonably practicable when he has accepted an
          offer of full-time employment. The value of these benefits will be placed on
          Chanter&#146;s P11D at the end of the tax year; if required by applicable law. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Deferred Payments</U></B><U></U>. Any compensation due to Chanter from the
          Company during his employment with the Company but deferred at the election of
          Chanter (including any accrued interest or earnings thereon) and any accrued but
          unpaid holiday pay hereto shall be paid by the Company to Chanter on September
          17, 2004. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Compensation for Loss of Office</U></B><U></U>. The Company shall pay
          Chanter the sum of &pound;30,000 (without deductions) on September 17, 2004 in
          compensation for the termination of his employment. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Vesting and Exercise Period of OLOG Options</U></B><U></U>. Company hereby
          agrees to cause the Long-term Incentive Plan Committee of the Board of OLOG for
          the 1994 Long-Term Management Incentive Plan (&#147;Plan&#148;) to: (i) vest and
          render immediately exercisable and (ii) extend the period in which Chanter may
          exercise the following options to acquire shares of OLOG common stock currently
          held by Chanter from three months after the Effective Date to one year after the
          Effective Date: </FONT></TD>
          </TR>
          </TABLE>
          <BR>



<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" ALIGN="Center">
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><u>Grant Date</u></b></FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<b><u> Exercise Price</u></b></FONT></TD>
<TD WIDTH=35%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><u>Number of Shares</u></b></FONT></TD>
</TR>
</TABLE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" ALIGN="Center">
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23 Sept. 2002</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 $18.00</FONT></TD>
<TD WIDTH=35%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,000</FONT></TD>
</TR>
</TABLE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" ALIGN="Center">
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11 Aug. 2003</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 $21.15</FONT></TD>
<TD WIDTH=35%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>16,000</U> </FONT></TD>
</TR>
</TABLE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" ALIGN="Center">
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 </FONT></TD>
<TD WIDTH=35%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>26,000</U> </FONT></TD>
</TR>
</TABLE>

<BR>


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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(g)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Company&#146;s Obligations fulfilled</U></B><U></U>. Chanter hereby
          warrants that save for the sums and benefits set out in this Agreement he has no
          outstanding entitlement to any payment or benefit from the Company or any of its
          Affiliates relating to his employment or termination of his employment by the
          Company including, for the avoidance of doubt, any entitlement to notice monies
          or payment in lieu of notice. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.</B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Indemnification</U></B><U></U>: </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company shall, to the maximum extent permitted by law, indemnify Chanter if
          he is or is made, or threatened to be made, a party to any threatened, pending
          or completed action, suit or proceeding, whether civil, criminal, administrative
          or investigative, including an action by or in the right of the Company or any
          Affiliate to procure a judgment in its favor (collectively, a
          &#147;Proceeding&#148;), by reason of the fact that Chanter is or was an
          employee, director or officer of the Company or any Affiliate, or any act or
          omission of Chanter as such employee, director or officer or is or was serving
          in any capacity at the request of the Company or any Affiliate for any other
          corporation, partnership, joint venture, trust, employee benefit plan or other
          enterprise, against judgments, fines, penalties, excise taxes, amounts paid in
          settlement and costs, reasonable charges and expenses (including attorneys&#146;
          fees and disbursements and any personal out of pocket expenses not to include
          any amounts for time expended by Chanter) paid or incurred in connection with
          any such Proceeding. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company shall provide Chanter the indemnification, reimbursement and
          advances with respect to his involvement in the Proceedings in the Greek courts
          arising out of the helicopter accident on January 14, 2001 and a second accident
          on June 17, 2002 which have been or may be brought against the directors and
          officers of Helitalia on the terms and conditions provided in this Section 4. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company shall, from time to time, reimburse or advance to Chanter the funds
          necessary for payment of reasonable expenses, including attorneys&#146; fees and
          disbursements, incurred in connection with any Proceeding in advance of the
          final disposition of such Proceeding; provided, however, that, if required by
          applicable law, such expenses incurred by or on behalf of Chanter may be paid in
          advance of the final disposition of a Proceeding only upon receipt by the
          Company of an undertaking, by or on behalf of Chanter, to repay any such amount
          so advanced if it shall ultimately be determined by final judicial decision from
          which there is no further right of appeal that Chanter is not entitled to be
          indemnified for such expenses except to the extent that the Company has secured
          cover for such expenses under the Directors and Officers Liability insurance
          stated under Section 4(f). </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The right to indemnification and reimbursement or advancement of expenses
          provided by, or granted pursuant to, this Section 4 shall not be deemed
          exclusive of any other rights which Chanter may now or hereafter have under any
          law, by law, agreement, vote of stockholders or disinterested directors or
          otherwise, both as to action in his official capacity and as to action in
          another capacity while holding such office. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The right to indemnification and reimbursement or advancement of expenses
          provided by, or granted pursuant to, this Section 4 shall continue as to Chanter
          after he has ceased to be a director, officer or employee of the Company and
          shall inure to the benefit of the heirs, executors and administrators of the
          Chanter&#146;s estate. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company and the Affiliates have maintained and shall purchase and maintain
          director&#146;s and officer&#146;s liability insurance on such terms and
          providing such coverage as the Board determines is appropriate (&#147;D&amp;O
          Insurance), and Chanter shall continue to be covered by such D&amp;O Insurance
          on the same basis as the other directors and executive officers of the Company
          for a period of six years after the Effective Date. The Company shall promptly:
          (i) provide a copy of the D&amp;O Insurance policy to Chanter; (ii) notify
          Chanter when, as, and if the D&amp;O Insurance is terminated or placed with
          another underwriter and (iii) provide a copy of any new D&amp;O Insurance policy
          to Chanter. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(g)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          If Chanter serves (i) another corporation of which a majority of the shares
          entitled to vote in the election of its directors is held by the Company, or
          (ii) any employee benefit plan of the Company or any corporation referred to in
          clause (i), in any capacity, then he shall be deemed to be doing so at the
          request of the Company. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(h)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The right to indemnification or reimbursement or advancement of expenses shall
          be interpreted on the basis of the applicable law in effect at the time of the
          occurrence of the event or events giving rise to the applicable Proceeding. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>5.</B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Release of Claims</U></B><U></U>: </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Definitions</U></B><U></U>: The following terms will have the meanings set
          forth below for purposes of this Section 5: </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#147;<U>Statutory Claims&#148; means</U>: any claim for or relating to unfair
          dismissal, a statutory redundancy payment, equal pay, sex, race disability, or
          sexual orientation discrimination, or discrimination on the grounds of religion
          or belief, working time, unauthorized deduction from wages, unlawful detriment
          on health and safety grounds, a protective award, minimum wage, data protection
          or any other statutory employment rights which Chanter, (or anyone on his
          behalf), has or may have under the Employment Rights Act of 1996, the Equal Pay
          Act 1970, the Sex Discrimination Act 1975, the Race Relations Act 1976, the
          Disability Discrimination Act 1995, the Trade Union and Labor Relations
          (Consolidation) Act 1992, the Public Interest Disclosure Act 1998, the National
          Minimum Wage Act, 1998, Working Time Regulations 1998, the Data Protection Act
          1998 the Employment Relations Act 1999 Employment Equality (Sexual Orientation)
          Regulations 2003, Employment Equality (Religion or Belief) Regulations 2003 and
          any Treaty, Directive, Regulation or Recommendation of the European Union. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#147;<U>Company Released Parties&#148; means</U>: The Company and its past,
          present and future parents, owners, subsidiaries and Affiliates; including, but
          not limited to OLOG, and their respective past, present and future directors,
          members, shareholders, officers, employees, agents, insurance carriers,
          predecessors, successors, assigns, executors, administrators and legal
          representatives, in their corporate and individual capacities. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Release</U></B><U></U>: As part of the consideration for the compensation
          to be paid under this Agreement, Chanter releases and discharges the Company
          Released Parties from all claims and rights of action (whether existing under
          statute, common law, contract, tort, in equity or otherwise) including the
          Alleged Claims (as hereinafter defined in Section 5(h)), howsoever, arising,
          which he (or anyone on his behalf) has or may have against the Company Released
          Parties related to, arising from or attributed to (i) Chanter&#146;s employment
          with the Company; (ii) the termination thereof; and (iii) all other acts or
          omissions related to any matter up to and including the date of Chanter&#146;s
          execution of this Agreement (collectively hereinafter referred to as the
          &#147;Claims&#148;). </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Absence of Claims</U></B><U></U>: As part of the consideration for the
          compensation to be paid under this Agreement, Chanter agrees not to bring any
          Claim against the Company Released Parties in any Employment Tribunal, court or
          before any governmental agency, related to, arising from or attributed to
          Chanter&#146;s employment with the Company, the termination thereof or any other
          matter covered by the release contained in Section 5(b) save for any breach by
          the Company or OLOG of any terms of this Agreement. While the Company is not
          releasing any claims it may have against Chanter relating to his prior service
          to the Company, the Company and OLOG hereby represent to Chanter that neither
          the Company nor OLOG knows of or has reason to believe that the Company or OLOG
          has any claims against Chanter relating to his prior service to the Company. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Representations and Warranties</U></B><U></U>: Chanter represents and
          warrants that: </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          he has not brought any Claim against the Company Released Parties as described
          in Section 5(c); </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          he possesses the exclusive right to receive the additional payments, and certain
          compensation and benefits described in Section 3; and </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          he is legally and mentally competent to sign this Agreement. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Release of All Claims</U></B><U></U>: Chanter understands and expressly
          agrees that the release of Claims hereunder extends to all Claims of every
          nature and kind, known or unknown, suspected or unsuspected, past or present,
          which Claims are arising from, attributable to or related to Chanter&#146;s
          employment with the Company, the termination thereof or any alleged action or
          inaction of the Company and the other the Company Released Parties, and that all
          such Claims are hereby expressly settled or waived. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Extent of Undertakings</U></B><U></U>: Chanter&#146;s undertakings
          hereunder shall be inclusive of Chanter, acting individually or in any
          representative capacity, and on behalf of his heirs, executors, administrators,
          legal representations, successors, beneficiaries and assigns. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(g)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>No Admission of Liability</U></B><U></U>: Chanter acknowledges, by
          agreeing to the release of Claims hereunder, that the Company does not admit to
          any unlawful or tortious conduct or any other wrongdoing in connection with
          Chanter or the termination of his employment with the Company, and that the
          Company is desirous of avoiding any cost and expense associated with any
          potential Claims by Chanter. Chanter further agrees that the release of Claims
          hereunder does not constitute an admission or any evidence of unlawful or
          tortious conduct or wrongdoing on the part of the Company, its employees or any
          other person or entity. The Company specifically denies that it, its employees
          or its agents committed any unlawful, tortious or improper acts against Chanter
          at any time. Chanter specifically agrees not to make any public statement
          contrary to his acknowledgments and agreements contained in this Section 5(g). </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(h)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Acknowledgment of Independent Legal Advice</U></B><U></U>: Chanter
          acknowledges and agrees that he has instructed his legal adviser referred to in
          this Section 5 (the &#147;Adviser&#148;) to advise him whether he may have any
          Statutory Claims against any of the Company Released Parties related to, arising
          from or attributed to (i) his employment with the Company; (ii) the termination
          thereof; and (iii) other acts or omissions related to any matter up to and
          including the date of Chanter&#146;s execution of this Agreement and having had
          legal advice from the Adviser, has been advised of any claims he has or may have
          including claims for unfair dismissal and unlawful deduction from wages (the
          &#147;Alleged Claims&#148;). Chanter further acknowledges and agrees that he has
          taken legal advice from the Adviser as to the terms and effect of this Agreement
          and in particular on its effect on his ability to institute or pursue any Claims
          (including the Alleged Claims) in an Employment Tribunal. The Adviser shall
          complete a letter in the form attached Schedule 3 hereto. The Company has agreed
          to pay, directly to such legal counsel&#146;s firm (Olswang of 90 High Holborn,
          London WC1V 6XX) the firm&#146;s fees incurred in connection with such
          consultation up to a maximum of &pound;5,000 plus VAT on receipt by the Company
          of an appropriate invoice addressed to Chanter and marked payable by the
          Company. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Waiver of Right to Provide Services to FBH</U></B><U></U>. Notwithstanding
          the provisions of Section 7 of the December 2003 Agreement, Chanter hereby
          waives any right he might otherwise have to provide services, whether as an
          employee, contractor or other worker, to FBH or any other company which assumes
          any part of the business previously conducted by the Company or FBH. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>6.</B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>General</U></B><U></U>: </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Notices</U></B><U></U>: Any notice required or permitted to be given under
          this Agreement will be sufficient if in writing and sent by registered mail to
          his residence address, in the case of Chanter, or to its principal office, in
          the case of the Company, addressed to the attention of the Managing Director. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>No Waiver</U></B><U></U>: No failure by either party hereto at any time to
          give notice of any breach by the other party of, or to require compliance with,
          any condition or provision of this Agreement will be deemed a waiver of similar
          or dissimilar provisions or conditions at the same time or at any prior or
          subsequent time. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Successor Obligations and Assignment</U></B><U></U>: The rights and
          obligations of the Company under this Agreement will inure to the benefit of and
          be binding upon the successors and assigns of the Company. Specifically, but not
          by way of limitation, in the event of the merger of the Company with another
          institution, the merged entity will be bound by the terms of this Agreement as
          if it had entered into this Agreement initially, and such merged entity will be
          substituted for the Company as its successor for all purposes throughout this
          Agreement. Chanter cannot assign any of his rights, benefits or obligations
          under this Agreement. Chanter&#146;s rights and benefits under this Agreement
          will not be subject to involuntary assignment, alienation or transfer, whether
          by operation of law or otherwise, without the prior written consent of the
          Company. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Amendment</U></B><U></U>: This Agreement may not be modified except by an
          agreement in writing executed by both the Company and Chanter.</FONT></TD>
          </TR>
          </TABLE>
          <BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Governing Laws</U></B><U></U>: This Agreement will be subject to, governed
          by and construed in accordance with English law and shall be subject
to the exclusive jurisdiction of the English courts. </FONT></TD>
          </TR>
          </TABLE>
          <BR>


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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Withholding of Taxes</U></B><U></U>: The Company may withhold from any
          compensation, payments or benefits payable to or on behalf of Chanter under this
          Agreement all taxes and statutory deductions as may be required pursuant to any
          applicable law or governmental regulation or ruling. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(g)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Withholding of Payments</U></B><U></U>: If the Company determines that
          Chanter is in violation of the terms of this Agreement and after giving Chanter
          time to remedy the violation by 10 days notice in writing the Company may
          withhold any payment to or for the benefit of Chanter hereunder, in addition to
          pursuing any other available remedies, including injunctive relief and
          reimbursement of prior payments hereunder. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(h)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Headings</U></B><U></U>: The Section headings have been inserted for
          purposes of convenience and will not be used for interpretive purposes. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Severability</U></B><U></U>: If, as a result of arbitration proceedings
          pursuant to Section 6(k) or as the result of the determination of a court of
          competent jurisdiction, it is determined that any provision of this Agreement is
          invalid or unenforceable, then the invalidity or unenforceability of that
          provision will not affect the validity or enforceability of any other provision
          of this Agreement, and all other provisions will remain in full force and
          effect. </FONT></TD>
          </TR>
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          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(j)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Entire Agreement</U></B><U></U>: This Agreement constitutes the entire
          agreement of the parties with regard to the subject matter hereof, and contains
          all the covenants, promises, representations, warranties and agreements between
          the parties with respect to the employment relationship, the separation thereof
          and the consulting arrangement between the Company and Chanter. Each party to
          this Agreement acknowledges that no representation, inducement, promise or
          agreement, oral or written, has been made by either party, or by anyone acting
          on behalf of either party, which is not embodied herein, and that no agreement,
          statement, or promise relating to the employment relationship, the separation
          thereof or the consulting arrangement between the Company and Chanter, which is
          not contained in this Agreement, will be valid or binding. Without limiting the
          foregoing, this Agreement replaces, and constitutes a full and complete accord
          and satisfaction as to any previous or existing employment agreement between the
          Company and Chanter. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(k)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Confidentiality</U></B><U></U>: Chanter agrees that he will not reveal the
          existence of this Agreement or its terms to any third person and will not
          otherwise cause this Agreement or its terms to be made public, unless required
          by law; except that Chanter may reveal this information to his immediate family,
          to his attorneys and to his financial advisers, who shall be advised by Chanter
          that a confidentiality agreement exists with respect to such information
          respecting further dissemination. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(l)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Return of Company Property</U></B><U></U>. Chanter agrees to return all
          books, documents, papers (including copies), material, keys or other property of
          or relating to the business of the Company or its Affiliates or its or their
          customers, clients or suppliers to the Company&#146;s premises on the last day
          of the Consulting Period. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(m)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Joinder of OLOG</U></B><U></U>. OLOG joins this Agreement for the limited
          purpose of assuring that the compensation and benefits payable by the Company to
          Chanter are timely and properly made. Therefore, if Company fails to make any
          payment as required under this Agreement within three (3) business days of it
          becoming due, OLOG shall immediately make such payment to Chanter. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(n)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Statutory Conditions Satisfied</U></B><U></U>. It is agreed and
          acknowledged that the conditions regulating compromise agreements contained in
          subsection 203(3) of the Employment Rights, 77(4A) of the Sex Discrimination Act
          1975, 72(4A) of the Race Relations Act 1976, 288(2B) of the Trade Union and
          Labor Relations (Consolidation) Act, 9(3) of the Disability Discrimination Act
          1995, 49(4) of the National Minimum Wage Act 1998, Reg. 35 Working Time
          Regulations 1998, Schedule 4 Part 1 paragraph 2 Employment Equality (Sexual
          Orientation) Regulations 2003 and Schedule 4 part 1 paragraph 2 Employment
          Equality (Religion or Belief) Regulations 2003 are intended to and have been
          satisfied. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(o)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><U>Multiple Counterparts</U></B><U></U>. This Agreement may be executed in
          any number of counterparts and by the parties to it on separate counterparts,
          each of which shall be an original but all of which together shall constitute
          one and the same instrument. The Agreement is not effective until each party has
          executed at least one counterpart, and it has been received by the other parties
          (transmission by fax being acceptable for this purpose).<B><U> </U></B><U></U>
           </FONT></TD>
          </TR>
          </TABLE>
          <BR>

     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>IN WITNESS WHEREOF</B>, the parties have executed this Agreement in separate
          counterparts which together constitute the original on the 1st day of September, 2004. </FONT></TD>
</TR>
          </TABLE>
          <BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=LEFT WIDTH=35%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
                    <TD WIDTH=65%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    <B>BRISTOW HELICOPTER GROUP LIMITED</B></FONT></P></TD>
                    </TR>
                    </TABLE>
                    <BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=LEFT WIDTH=35%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
                    <TD WIDTH=65%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    By: <u>/s/ Allan C. Brown</u></FONT></P></TD>
                    </TR>
                    </TABLE>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=LEFT WIDTH=35%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
                    <TD WIDTH=65%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Name: Allan C. Brown,<BR>Title: Director
</FONT></P></TD>
                    </TR>
                    </TABLE>
                    <BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=LEFT WIDTH=35%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
                    <TD WIDTH=65%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    <B>OFFSHORE LOGISTICS, INC.</B></FONT></P></TD>
                    </TR>
                    </TABLE>
                    <BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=LEFT WIDTH=35%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
                    <TD WIDTH=65%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    By: <u>/s/ William E. Chiles</u></FONT></P></TD>
                    </TR>
                    </TABLE>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=LEFT WIDTH=35%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
                    <TD WIDTH=65%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Name: William E. Chiles,<BR>Title: President and Chief Executive Officer
</FONT></P></TD>
                    </TR>
                    </TABLE><BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=LEFT WIDTH=35%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
                    <TD WIDTH=65%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    <u>/s/ Keith Chanter</u></FONT></P></TD>
                    </TR>
                    </TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=LEFT WIDTH=35%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
                    <TD WIDTH=65%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    <B>KEITH CHANTER</B></FONT></P></TD>
                    </TR>
                    </TABLE>


<!-- MARKER PAGE="sheet: 1; page: 1" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule 1 </FONT></P>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=4>Offshore Logistics, Inc. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>224 Rue De Jean &#151; 70508 <BR>
Post Office Box 5C <BR>
Lafayette, Louisiana 70505 <BR>
Tel: (337) 233-1221 <BR>
Fax: (337) 235-6678<BR>
www.olog.com </FONT></P>

<IMG SRC="logo.gif">


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PRESS RELEASE<BR>
OFFSHORE LOGISTICS, INC.<BR>
ANNOUNCES MANAGEMENT CHANGES </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Lafayette, Louisiana</B>
(September 1, 2004) &#150; Offshore Logistics, Inc. (NYSE OLG) announced today that Keith
Chanter is resigning from his position as Managing Director of Bristow Aviation Holdings,
Ltd. (Bristow) effective today, to pursue other interests. Mr. Chanter joined Bristow in
1997 and was promoted to Managing Director in 1999, and is credited with successfully
restructuring our North Sea operations which enabled the Company to remain a leading
competitor in that market. Allan Brown, who most recently served as International
Commercial Director for Bristow, has been appointed to succeed Mr. Chanter as Interim
Managing Director. Mr. Brown has over 40 years experience in aviation related activities,
with 26 of those years comprising his tenure at Bristow in a variety of technical and
commercial roles. Mr. Chanter will continue in a consulting and advisory capacity to
assist in the transition. The Company has begun an executive search for Mr. Chanter&#146;s
ultimate replacement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>William E. Chiles, Offshore
Logistics&#146; President and Chief Executive Officer commented, &#147;Everyone in the
Offshore Logistics group of companies, and particularly those who have worked closely with
Keith at Bristow over the last seven years, owes him a large debt of gratitude for all of
his efforts. We are sorry to see him leave but wish him well in his future
endeavors.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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, Egypt
and the Far East. The Company&#146;s Common Stock is traded on the New York Stock Exchange
under the symbol <B><I>OLG.</I></B> </FONT></P>


<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><I>Investor Relations
Contact: <BR>
H. Eddy Dupuis, 337-233-1221, fax 337-235-6678, www.olog.com </I></FONT></P>


<!-- MARKER PAGE="sheet: 2; page: 2" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<A NAME=A008></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule 2 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<A NAME=A009></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REFERENCE </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Letter of Recommendation for Keith
Chanter in response to a request from a potential employer of Chanter in accordance with
Clause 2 I of the agreement dated 1 September 2004 </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To whom it may concern </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In response to your request for an
employment reference for Mr. Keith Chanter I can confirm that he was employed throughout
the period from 12<SUP>th</SUP> August 1997 up to 1<SUP>st</SUP> September, 2004, and from
21<SUP>st</SUP> May 1999 as Chief Executive of the Bristow Group. He continued (continues)
to provide advisory services to both Bristow Helicopter Group Limited and to Offshore
Logistics Inc. to the 31<SUP>st </SUP>December, 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During his employment he worked
diligently and is credited with successfully restructuring our North Sea operations which
enabled the Company to remain a leading competitor in that market. Everyone in the
Offshore Logistics group of companies, and particularly those who have worked closely with
Keith at Bristow over the last seven years, owes him a large debt of gratitude for all of
his efforts. We are sorry to see him leave but wish him well in his future endeavors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<A NAME=A010></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Yours truly, </FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. W Chiles<BR>
President and CEO, Offshore Logistics Inc.</FONT></P>



<!-- MARKER PAGE="sheet: 3; page: 3" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<A NAME=A011></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule 3 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<A NAME=A012></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dear Sirs </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<A NAME=A013></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>[employee] &#150;
[employer]</I> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I refer to the Severance Agreement
[to be] entered into between my client, [<I>employee</I>], and [<I>employer</I>][, a copy
of which is attached to this letter] (&#147;the Agreement&#148;). I am writing to confirm
the following information: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          There is, and was at the time I gave the advice referred to in this letter, in
          force a contract of insurance or professional indemnity cover as required by the
          present Solicitors&#146; Indemnity Rules covering the risk of a claim by
          [<I>employee</I>] in respect of loss arising in consequence of the advice I
          gave; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          I have given legal advice as a relevant independent advisor (within the meanings
          of s.203 of the Employment Rights Act 1996, s.77 of the Sex Discrimination Act
          1975, s.72 of the Race Relations Act 1976, s.288 of the Trade Union and Labour
          Relations (Consolidation) Act 1992, s.9 of the Disability Discrimination Act
          1995, s.49 of the National Minimum Wage Act 1988, Reg. 35 Working Time
          Regulations 1998, Schedule 4 Part 1 paragraph 2 Employment Equality (Sexual
          Orientation) Regulations 2003 and Schedule 4 Part 1 paragraph 2 Employment
          Equality (Religion or Belief) Regulations 2003 to [<I>employee</I>] as to the
          terms and effect of the Agreement and in particular its effect on [his] ability
          to pursue [his] rights before an Employment Tribunal; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          I am, and was at the time I gave the advice referred to in (b) above, a
          Solicitor of the Supreme Court holding a current Practising Certificate. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<A NAME=A014></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Yours faithfully </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Default" -->
<A NAME=A015></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>[name of adviser
advising employee]</I> </FONT></H1>


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