-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 A0LmK4yJIgzIlSJa3/Syr/xTN1w9JIU+8c9UE4r8Qh9e/tICY6PR+QTcBQe3eeO2
 bMCt+PVXbOi1vSO+jb/EJw==

<SEC-DOCUMENT>0001209191-06-033215.txt : 20060530
<SEC-HEADER>0001209191-06-033215.hdr.sgml : 20060529
<ACCEPTANCE-DATETIME>20060530122227
ACCESSION NUMBER:		0001209191-06-033215
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060525
FILED AS OF DATE:		20060530
DATE AS OF CHANGE:		20060530

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHI INC
		CENTRAL INDEX KEY:			0000350403
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, NONSCHEDULED [4522]
		IRS NUMBER:				720395707
		STATE OF INCORPORATION:			LA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2001 SE EVANGELINE THRUWAY
		STREET 2:		-
		CITY:			LAFAYETTE
		STATE:			LA
		ZIP:			70508
		BUSINESS PHONE:		-

	MAIL ADDRESS:	
		STREET 1:		PO BOX 90808
		CITY:			LAFAYETTE
		STATE:			LA
		ZIP:			70509

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PETROLEUM HELICOPTERS INC
		DATE OF NAME CHANGE:	19920703

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GONSOULIN ALTON ANTHONY JR
		CENTRAL INDEX KEY:			0001064045

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-09827
		FILM NUMBER:		06872807

	BUSINESS ADDRESS:	
		STREET 1:		2900 WESLAYAN SUITE 420
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027
		BUSINESS PHONE:		713
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>h36673_1aag.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-05-25</periodOfReport>

    <issuer>
        <issuerCik>0000350403</issuerCik>
        <issuerName>PHI INC</issuerName>
        <issuerTradingSymbol>PHII</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001064045</rptOwnerCik>
            <rptOwnerName>GONSOULIN ALTON ANTHONY JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4655 SWEETWATER BLVD.</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 300</rptOwnerStreet2>
            <rptOwnerCity>SUGARLAND</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77479</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>CEO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>PHI, Inc. Voting</value>
            </securityTitle>
            <transactionDate>
                <value>2006-05-25</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>18320</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>31.04</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1600580</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <ownerSignature>
        <signatureName>/s/ Al A. Gonsoulin</signatureName>
        <signatureDate>2006-05-30</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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