Offshore Logistics, Inc.
224 Rue De Jean – 70508
Post Office Box 5C
Lafayette, Louisiana 70505
Tel: (337) 233-1221
Fax: (337) 235-6678

PRESS RELEASE

OFFSHORE LOGISTICS, INC.
ANNOUNCES HIGHER REVENUE, OPERATING INCOME AND NET INCOME
FOR THE SECOND FISCAL QUARTER
ENDED SEPTEMBER 30, 2004

LAFAYETTE, LOUISIANA (November 3, 2004) – Offshore Logistics, Inc. (NYSE: OLG) today reported net income for the second quarter ended September 30, 2004 of $18.0 million, or $0.77 per diluted share, on revenues of $162.3 million, compared to net income of $8.5 million, or $0.37 per diluted share, on revenues of $140.8 million for the second quarter ended September 30, 2003. Net income in the prior year second quarter was affected by debt restructuring costs of $6.2 million (before tax) or $0.19 per diluted share relating to the Company’s issuance of $230 million 6 1/8% Senior Notes and the related redemption of previously issued debt.

Net income for the six months ended September 30, 2004 was $31.0 million, or $1.34 per diluted share, on revenues of $312.3 million, compared to net income of $16.8 million, or $0.74 per diluted share on revenues of $275.6 million for the six months ended September 30, 2003.

Bill Chiles, Chief Executive Officer and President of Offshore Logistics, Inc. said, “I am pleased to report another quarter of solid operating performance for all of our major business units. Bristow’s previously announced cost reduction measures in the North Sea are beginning to take effect as evidenced by the operating margin improvement in that market, despite a 6% reduction in flight activity from the similar quarter in the prior year. North Sea results also benefited from the impact of rate adjustments with certain customers. North American operations experienced slightly lower flight activity from the similar quarter in the prior year, which exerted a downward pressure on margins.”

“Conversely, activity in our International Business Unit is up 7% and the operating margin has improved from the prior year second quarter and sequentially from the June 2004 quarter. Increased activity in Australia, Nigeria, and Trinidad, and the acquisition of a new operation in Russia were the main contributors to this improvement.”

“The positive results delivered this quarter were produced without a dramatic improvement in drilling activity in either of our two largest markets. Given the current level of commodity prices and other industry fundamentals, we are optimistic that our customers’ exploration and development activity will increase in the near term resulting in increased opportunities for the Company.”

At September 30, 2004, the Company’s consolidated balance sheet reflected $486.7 million in shareholders’ investment, $134.3 million in cash and $263.6 million of indebtedness.

Management will conduct a telephonic conference to discuss its second quarter results with analysts, investors and other interested parties at 10:00 a.m. Central Time on Thursday, November 4, 2004. Individuals wishing to access the conference call should dial (877) 822-9020 for domestic callers and (706) 679-7181 for international callers, approximately five to ten minutes prior to the start time. Please reference the Offshore Logistics, Inc. conference call hosted by Bill Chiles, Conference ID No. 1503648. A replay of the conference call will be available two hours after completion of the teleconference. To hear that recording, dial (800) 642-1687 for domestic callers and (706) 645-9291 for international callers, and enter Conference ID number 1503648. The replay will be available until 11:59 PM EST, Thursday, November 11, 2004.

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’s Common Stock is traded on the New York Stock Exchange under the symbol OLG.

The tabulated results for the periods ended September 30, 2004 and 2003, are as follows (amounts in thousands, except earnings per share):

			Three Months Ended September 30,						Six Months Ended September 30,
			2004			2003			2004			2003
Revenue			$ 162,282			$ 140,803			$ 312,262				$275,553
Net Income			$ 18,036			$ 8,500			$ 31,006				$16,768
BASIC:
Earnings per common share			$ 0.79			$ 0.38			$ 1.36				$0.74
Weighted average number of
common shares outstanding			22,933			22,515			22,794				22,513
DILUTED:
Earnings per common share			$ 0.77			$ 0.37			$ 1.34				$0.74
Weighted average number of
common shares outstanding and
assumed conversions			23,325			22,673			23,126				25,244

Selected operating data:

			Three Months Ended September 30,						Six Months Ended September 30,
			2004			2003			2004			2003
			(in thousands, except flight hours)
Flight hours (excluding unconsolidated affiliates):
Helicopter activities:
North American Operations				32,606			34,147			64,424			65,025
North Sea Operations				11,071			11,742			21,314			23,143
International Operations				23,866			22,311			46,815			43,218
Technical Services				614			544			1,128			757
Total				68,157			68,744			133,681			132,143
Operating revenue:
Helicopter activities:
North American Operations			$	42,973		$	42,684		$	84,804		$	80,509
North Sea Operations				52,249			43,768			97,571			88,751
International Operations				53,323			41,863			102,179			83,597
Technical Services				8,604			9,267			18,232			16,080
Less: Intercompany				(10,015	)		(8,858	)		(21,330	)		(16,493	)
Total				147,134			128,724			281,456			252,444
Production Management Services				14,630			12,018			28,321			23,691
Corporate				1,335			3,068			5,118			5,951
Less: Intercompany				(4,375	)		(4,381	)		(8,789	)		(8,764	)
Consolidated total			$	158,724		$	139,429		$	306,106		$	273,322
Operating income:
Helicopter activities:
North American Operations			$	7,083		$	9,754		$	14,704		$	13,559
North Sea Operations				10,018			3,319			16,378			8,698
International Operations				8,072			5,351			15,273			11,751
Technical Services				26			128			(2,748	)		272
Total				25,199			18,552			43,607			34,280
Production Management Services				1,002			780			1,766			1,403
Corporate				(3,416	)		(685	)		(4,645	)		(1,420	)
Gain on disposal of assets				3,558			1,374			6,156			2,231
Consolidated total			$	26,343		$	20,021		$	46,884		$	36,494
Operating margin:
Helicopter activities:
North American Operations				16.5	%		22.9	%		17.3	%		16.8	%
North Sea Operations				19.2	%		7.6	%		16.8	%		9.8	%
International Operations				15.1	%		12.8	%		14.9	%		14.1	%
Technical Services				0.3	%		1.4	%		(15.1	)%		1.7	%
Total				17.1	%		14.4	%		15.5	%		13.6	%
Production Management Services				6.8	%		6.5	%		6.2	%		5.9	%
Consolidated total				16.6	%		14.4	%		15.3	%		13.4	%

Statements contained in this press release that state the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that the Company’s actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements contained in this press release include the possibility that the benefit from rate increases and cost savings in the North Sea Operations is not long lived, that the increased activity from Australia, Nigeria, Trinidad and Russia does not continue and even if it does, that it does not result in margin improvement and, that in spite of the current commodity prices, our customers’ exploration and development activity does not increase in the near term. 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 report on Form 10-Q for the quarter ended June 30, 2004.

Investor Relations
Contact: H. Eddy Dupuis
Phone: (337) 233-1221
Fax: (337) 235-6678
investorrelations@olog.com

OFFSHORE LOGISTICS, INC. AND SUBSIDIARIES
Consolidated Statements of Income

			Three Months Ended September 30,						Six Months Ended September 30,
			2004			2003			2004			2003
			(in thousands, except per share amounts)
Gross revenue:
Operating revenue			$	158,724		$	139,429		$	306,106		$	273,322
Gain on disposal of assets				3,558			1,374			6,156			2,231
				162,282			140,803			312,262			275,553
Operating expenses:
Direct cost				114,671			102,847			222,339			202,673
Depreciation and amortization				10,580			9,195			21,030			19,299
General and administrative				10,688			8,740			22,009			17,087
				135,939			120,782			265,378			239,059
Operating income				26,343			20,021			46,884			36,494
Earnings from unconsolidated affiliates, net				2,401			3,047			3,921			4,950
Interest income				747			644			1,183			1,048
Interest expense				3,985			4,990			7,914			8,955
Loss on extinguishment of debt				--			(6,205	)		--			(6,205	)
Other income (expense), net				473			380			561			(1,894	)
Income before provision for income taxes and
minority interest				25,979			12,897			44,635			25,438
Provision for income taxes				7,794			3,868			13,391			7,631
Minority interest				(149	)		(529	)		(238	)		(1,039	)
Net income			$	18,036		$	8,500		$	31,006		$	16,768
Net income per common share:
Basic			$	0.79		$	0.38		$	1.36		$	0.74
Diluted			$	0.77		$	0.37		$	1.34		$	0.74

OFFSHORE LOGISTICS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets

			September 30, 2004			March 31, 2004
			(in thousands)
ASSETS
Current Assets:
Cash and cash equivalents			$	134,257		$	85,679
Accounts receivable				130,642			121,146
Inventories				138,560			133,073
Prepaid expenses and other				14,479			10,874
Total current assets				417,938			350,772
Investments in unconsolidated affiliates				29,154			38,929
Property and equipment - at cost:
Land and buildings				27,746			26,594
Aircraft and equipment				792,917			797,783
				820,663			824,377
Less: Accumulated depreciation and amortization				(242,075	)		(238,721	)
				578,588			585,656
Goodwill				26,824			26,829
Other assets				41,031			42,717
			$	1,093,535		$	1,044,903

LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current Liabilities:
Accounts payable			$	34,251		$	27,439
Accrued liabilities				64,985			65,257
Deferred taxes				660			1,802
Current maturities of long-term debt				5,426			4,417
Total current liabilities				105,322			98,915
Long-term debt, less current maturities				258,216			251,117
Other liabilities and deferred credits				145,625			147,326
Deferred taxes				93,132			92,042
Minority interest				4,525			9,385
Stockholders' Investment:
Common Stock, $.01 par value, authorized 35,000,000
shares; outstanding 23,231,910 and 22,631,221 at
September 30 and March 31, respectively (exclusive of
1,281,050 treasury shares)				232			226
Additional paid-in capital				154,978			141,384
Retained earnings				383,608			352,602
Accumulated other comprehensive loss				(52,103	)		(48,094	)
				486,715			446,118
			$	1,093,535		$	1,044,903