Exhibit 21

PHI, Inc.

Subsidiaries of the Registrant at December 31, 2013

COMPANY	PLACE OF ORGANIZATION / INCORPORATION		% OF VOTING STOCK / MEMBERSHIP INTEREST OWNED
Petroleum Helicopters Angola Limitada		Angola		49	%
Energy Risk LTD		Bermuda		100	%
PHI International, LTD		Cayman		100	%
HELEX, LLC		Florida		100	%
International Helicopter Transport, Inc.		Louisiana		100	%
PHI Tech Services, Inc.		Louisiana		100	%
Helicopter Management, LLC		Louisiana		100	%
Helicopter Leasing, LLC		Louisiana		100	%
Sky Leasing, LLC		Montana		100	%
Vertilease, LLC		Montana		100	%
Leasing Source, LLC		Montana		100	%
PHI Century Limited		Ghana		49	%
PHI Air Medical, L.L.C.		Louisiana		100	%
Petroleum Helicopters Australia Pty Limited		Australia		100	%