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 EARNINGS
FOR THE FIRST FISCAL QUARTER ENDED
JUNE 30, 2003

LAFAYETTE, LOUISIANA (August 6, 2003) – Offshore Logistics, Inc. (NYSE: OLG) today reported net income for the first quarter ended June 30, 2003 of $8.3 million, or $0.35 per diluted share, on revenues of $134.8 million, compared to net income of $9.5 million, or $0.39 per diluted share, on revenues of $135.4 million for the first quarter ended June 30, 2002.

George Small, Chief Executive Officer and President of Offshore Logistics, Inc. said, “Activity levels improved in our North American Operations due mainly to better weather conditions compared to the prior quarter, although we are still below the activity levels experienced during the same quarter last year. Weakness in drilling activity in the Gulf of Mexico continues to keep pressure on our domestic earnings. Margins have improved across all of our major operations over that reported in March due to increased flight activity and are on par with, or somewhat below that reported in the year ago quarter. I am very pleased that, once again, our International Operations posted quarter over quarter growth in flight hours and revenue, and believe that additional opportunities lie ahead. In particular, we see potential growth in West Africa and Mexico.”

Small continued, “I am also pleased that the recently completed debt refinancing was a great success. This will give us the financial flexibility to upgrade and replace our fleet and facilities while maintaining a strong and stable balance sheet.”

OLOG will conduct a telephonic conference to discuss its first quarter results with analysts, investors and other interested parties at 10:00 a.m. Central Time on Thursday August 7, 2003. 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 George Small Conference ID No. 1924735. 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 1924735. The replay will be available until 11:59 PM EST, August 13, 2003.

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 June 30, 2003 and 2002, are as follows (amounts in thousands, except earnings per share):

	Three Months Ended June 30,
	2003		2002
Revenue	$	134,750	$	135,356
Net Income	$	8,268	$	9,482
BASIC:
Earnings per common share	$	0.37	$	0.42
Weighted average number of
common shares outstanding		22,511		22,314
DILUTED:
Earnings per common share	$	0.35	$	0.39
Weighted average number of
common shares outstanding
and assumed conversions		26,620		26,500

Selected operating data:

	Three Months Ended June 30,
	2003			2002
	(in thousands, except flight hours)
Flight hours (excludes unconsolidated affiliates):
Helicopter Activities:
North American Operations		30,878			35,115
North Sea Operations		11,401			12,466
International Operations		20,907			19,645
Technical Services		213			398
Total		63,399			67,624
Operating revenue:
Helicopter Activities:
North American Operations	$	37,825		$	39,173
North Sea Operations		44,983			45,883
International Operations		41,734			37,920
Technical Services		6,813			11,430
Less: Intercompany		(7,635	)		(9,930	)
Total		123,720			124,476
Production Management Services		11,673			12,010
Corporate		2,883			3,049
Less: Intercompany		(4,383	)		(4,466	)
Consolidated total	$	133,893		$	135,069
Operating income:
Helicopter Activities:
North American Operations	$	3,805		$	3,984
North Sea Operations		5,379			5,539
International Operations		6,399			6,799
Technical Services		144			744
Total		15,727			17,066
Production Management Services		623			895
Corporate		(734	)		(827	)
Gain on disposal of assets		857			287
Consolidated total	$	16,473		$	17,421
Operating margin:
Helicopter Activities:
North American Operations		10.1	%		10.2	%
North Sea Operations		12.0	%		12.1	%
International Operations		15.3	%		17.9	%
Technical Services		2.1	%		6.5	%
Total		12.7	%		13.7	%
Production Management Services		5.3	%		7.5	%
Consolidated total		12.3	%		12.9	%

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 an increase in the rig count will not occur in the Gulf of Mexico and that our activity in Western Africa and Mexico does not increase. 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, 2003. Copies of these may be obtained by contacting the Company or the SEC.

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 June 30,
	2003			2002
	(in thousands, except per share amounts)
Gross revenue:
Operating revenue	$	133,893		$	135,069
Gain on disposal of assets		857			287
		134,750			135,356
Operating expenses:
Direct cost		99,826			100,671
Depreciation and amortization		10,104			8,941
General and administrative		8,347			8,323
		118,277			117,935
Operating income		16,473			17,421
Earning from unconsolidated affiliates, net		1,903			1,783
Interest income		404			338
Interest expense		3,965			3,676
Other income (expense), net		(2,274	)		(1,744	)
Income before provision for income taxes and minority interest		12,541			14,122
Provision for income taxes		3,763			4,237
Minority interest		(510	)		(403	)
Net income	$	8,268		$	9,482
Net income per common share:
Basic	$	0.37		$	0.42
Diluted	$	0.35		$	0.39

OFFSHORE LOGISTICS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets

	June 30, 2003			March 31, 2003
	(in thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$	62,786		$	56,800
Cash and temporary investments on deposit from debt extinguishment		196,615			--
Accounts receivable		121,708			119,012
Inventories		123,574			118,846
Prepaid expenses and other		43,698			8,443
Total current assets		548,381			303,101
Investments in unconsolidated affiliates		29,991			27,928
Property and equipment - at cost:
Land and buildings		17,003			16,671
Aircraft and equipment		741,612			703,111
		758,615			719,782
Less: Accumulated depreciation and amortization		(205,829	)		(193,555	)
		552,786			526,227
Other assets		51,662			48,775
	$	1,182,820		$	906,031
LIABILITIES AND STOCKHOLDERS' INVESTMENT
Current Liabilities:
Accounts payable	$	30,589		$	29,666
Accrued liabilities		63,163			64,181
Deferred taxes		79			33
Current maturities of long-term debt		23,544			96,684
Current maturities related to debt extinguishment		190,922			--
Total current liabilities		308,297			190,564
Long-term debt, less current maturities		265,886			136,134
Other liabilities and deferred credits		125,468			120,035
Deferred taxes		84,695			81,082
Minority interest		17,842			16,555
Stockholders' Investment:
Common Stock, $.01 par value, authorized 35,000,000
shares; 22,513,421 outstanding at June 30, 2003 and 22,510,921 at
March 31, 2003
(exclusive of 1,281,050 treasury shares)		225			225
Additional paid-in capital		139,085			139,046
Retained earnings		307,766			299,498
Accumulated other comprehensive income (loss)		(66,444	)		(77,108	)
		380,632			361,661
	$	1,182,820		$	906,031