Exhibit 21

PHI, Inc.

Subsidiaries of the Registrant at December 31, 2014

COMPANY	PLACE OF ORGANIZATION / INCORPORATION	% OF VOTING STOCK / MEMBERSHIP INTEREST OWNED
Energy Risk LTD	Bermuda		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	%
AM Equity Holdings, LLC	Louisiana		100	%
PHI Air Medical, L.L.C.	Louisiana		100	%
MDHL, LLC	Montana		100	%
Sky Leasing, LLC	Montana		100	%
Vertilease, LLC	Montana		100	%
Leasing Source, LLC	Montana		100	%
PHI Century Limited	Ghana		49	%
Personnel Outsourcing, LTD	Caymans		49	%
PHI Air Europe Limited	Cyprus		49	%