INVESTMENT IN VARIABLE INTEREST ENTITY	6 Months Ended
Jun. 30, 2014
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INVESTMENT IN VARIABLE INTEREST ENTITY	11. INVESTMENT IN VARIABLE INTEREST ENTITY We account for our investment in our West African operations as a variable interest entity, which is defined as an entity that either (a) has insufficient equity to permit the entity to finance its operations without additional subordinated financial support or (b) has equity investors who lack the characteristics of a controlling financial interest. As of June 30, 2014, we had a 49% investment in the common stock of PHI Century Limited (“PHIC”), a Ghanaian entity. We acquired our 49% interest on May 26, 2011, PHIC’s date of incorporation. The purpose of PHIC is to provide oil and gas flight services in Ghana and the West African region. For the quarter ended June 30, 2014 and 2013, we recorded a loss in equity of unconsolidated affiliate of $0. 1 million and $0.6 million, relative to our 49% equity ownership, respectively. For the six months ended June 30, 2014 and 2013, we recorded a loss in equity of unconsolidated affiliate of $0.1 million and $1.1 million relative to our 49% equity ownership, respectively. In addition, we had $4.7 million of trade receivables and $1.8 million of accrued liabilities as of June 30, 2014 from PHIC. We had $3.5 million of trade receivables and a $1.9 million of accrued liabilities as of December 31, 2013. The trade receivables are included in Accounts receivable - trade on our Condensed Consolidated Balance Sheets. The accrued liabilities are included in Accrued and other current liabilities on our Condensed Consolidated Balance Sheets. Our investment in the common stock of PHIC is included in Other assets on our Condensed Consolidated Balance Sheets and was $-0- million at June 30, 2014 and December 31, 2013.

11. INVESTMENT IN VARIABLE INTEREST ENTITY

We account for our investment in our West African operations as a variable interest entity, which is defined as an entity that either (a) has insufficient equity to permit the entity to finance its operations without additional subordinated financial support or (b) has equity investors who lack the characteristics of a controlling financial interest. As of June 30, 2014, we had a 49% investment in the common stock of PHI Century Limited (“PHIC”), a Ghanaian entity. We acquired our 49% interest on May 26, 2011, PHIC’s date of incorporation. The purpose of PHIC is to provide oil and gas flight services in Ghana and the West African region. For the quarter ended June 30, 2014 and 2013, we recorded a loss in equity of unconsolidated affiliate of $0. 1 million and $0.6 million, relative to our 49% equity ownership, respectively. For the six months ended June 30, 2014 and 2013, we recorded a loss in equity of unconsolidated affiliate of $0.1 million and $1.1 million relative to our 49% equity ownership, respectively. In addition, we had $4.7 million of trade receivables and $1.8 million of accrued liabilities as of June 30, 2014 from PHIC. We had $3.5 million of trade receivables and a $1.9 million of accrued liabilities as of December 31, 2013. The trade receivables are included in Accounts receivable - trade on our Condensed Consolidated Balance Sheets. The accrued liabilities are included in Accrued and other current liabilities on our Condensed Consolidated Balance Sheets. Our investment in the common stock of PHIC is included in Other assets on our Condensed Consolidated Balance Sheets and was $-0- million at June 30, 2014 and December 31, 2013.