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OFFSHORE LOGISTICS, HELIKOPTER SERVICES TERMINATE JOINT VENTURE

 OFFSHORE LOGISTICS, HELIKOPTER SERVICES TERMINATE JOINT VENTURE
 LAFAYETTE, La., Jan. 22 /PRNewswire/ -- Offshore Logistics, Inc. (NASDAQ: OLOG) and Helikopter Services AS announced today the termination of their HS Logistics joint venture.
 The joint venture was formed in 1989 to pursue certain international opportunities and resulted in profits to OLOG of $500,000 for the year ended June 30, 1991, and $200,000 for the most recently reported quarter ended Sept. 30, 1991.
 Each of the companies intends to pursue future international opportunities both individually and jointly and currently have a number of joint bids outstanding. HS Logistics currently has assignments in progress in Brazil and Trinidad. These assignments will be completed with Offshore Logistics helicopters under the direction of Offshore Logistics.
 Offshore Logistics believes the opportunities for growth in its international business remains highly positive and the termination of the HS Logistics joint venture should not have an adverse impact on the financial performance of the company.
 -0- 1/22/92
 /CONTACT: George Small of Offshore Logistics, 318-233-1221/
 (OLOG) CO: Offshore Logistics, Inc.; Helikopter Services AS; HS Logistics ST: Louisiana IN: SU: JVN


BN-BR -- AT002 -- 2163 01/22/92 10:13 EST
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Publication:PR Newswire
Date:Jan 22, 1992
Words:192
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