From nasdaq.com
Offshore Logistics Fires Exec; Co Faces SEC Probe
LAFAYETTE, La. (AP)--Offshore Logistics Inc. (OLG) has lost a president and vice president in the wake of news that the U.S. Securities and Exchange Commission is looking at the foreign operations of the helicopter transportation company.
Drury Milke, president of Air Logistics, LLC, has been fired, and Offshore Logistics Inc. Vice President and Chief Financial Officer H. Eddy Dupuis has resigned, the company announced Tuesday. Offshore Logistics is the parent company of Air Logistics.
On Feb. 10, the company disclosed that its audit committee had hired outside counsel to review payments made by two affiliated entities of the company in a foreign country.
In an April 5 form 10-Q filing for the third quarter ended Dec. 31, Offshore Logistics said it voluntarily advised the SEC of its audit findings, and said the SEC notified the company that an informal inquiry is under way. The audit committee's review was expanded to cover operations in other countries.
Offshore Logistics doesn't expect to make any material adjustments to its historical financial statements in connection with the review, the company said Tuesday. The company said its annual report for the year ended March 31 may be delayed.
Offshore Logistics President and CEO William E. Chiles said the staffing changes were a result of a company review.
"The management team felt that it was necessary and advised the audit committee that they should investigate," he said. "The investigation is ongoing until sometime this summer."
Chiles said no other personnel changes are expected. Milke and Dupuis could not be reached for comment Tuesday.
The company services most oil and gas producing regions including the Gulf of Mexico, Alaska, the North Sea, Africa, Mexico, South America, Australia, Egypt, Nigeria and the Far East.
Offshore Logistics, traded on the New York Stock Exchange, closed Tuesday down $1.07 at $30.11.
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