OLOG - happenings at Offshore Logistics

[SASless]

Associated Press
Offshore Names New CFO in Wake of Probe
05.17.2005, 06:43 PM

Offshore Logistics Inc. on Tuesday named a new chief financial officer as the Securities and Exchange Commission continues to investigate accounting matters at the helicopter transportation company's foreign operations.

The company named Transocean Inc. executive Brian C. Voegele as its new chief financial officer. Voegele, who was a vice president of corporate planning and development at Transocean, will begin his new job effective June 1.

The appointment comes less than a month after former CFO H. Eddy Dupuis resigned from the company after it was disclosed that the SEC would probe its foreign operations. Also leaving the company was Drury A. Milke, an executive vice president who headed its Air Logistics affiliate.

Offshore in February disclosed that its audit committee had hired outside counsel to review payments made by two affiliated entities of the company in a foreign country. The review has been expanded to cover operations in other countries, according to a documentation filed with the SEC for the quarterly period ending Dec. 31, 2004.

Offshore Logistics voluntarily advised the SEC of its audit findings, and the SEC has notified the company that an informal inquiry is under way.

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.



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[SASless]

Offshore Logistics Names Michael Suldo President of Air Logistics

LAFAYETTE, La.--(BUSINESS WIRE)--June 7, 2005--Offshore Logistics, Inc. (NYSE:OLG) announced today that Michael R. Suldo has been named President of Air Logistics, LLC and Senior Vice President of Offshore Logistics, Inc., effective June 2, 2005.

Mr. Suldo began his career at Air Logistics in 2002 as Assistant General Manager. In 2003 he was promoted to General Manager and was responsible for all Operations, Maintenance and Training. Prior to joining Air Logistics, Mr. Suldo was employed by Petroleum Helicopters, Inc. (NASDAQ:PHEL). He has spent 15 years in Gulf of Mexico operations in various managerial positions and has 20 years experience as a Naval Aviator.

Mr. Suldo has an undergraduate degree in Geology and two advanced degrees and also serves as a Professor at the University of Phoenix. As an accomplished aviator with over 6000 flight hours, he has qualified in 15 different helicopters and fixed wing aircraft. He is married and has three children.

William E. Chiles, President and CEO of Offshore Logistics commented, "I am very pleased that Mike has agreed to assume the role of Airlog's President. His familiarity with all aspects of the company's operations as well as his relationships with our customers and employees make him a great fit for the job. I have every confidence that Mike will continue to advance Airlog's reputation as the outstanding provider of helicopter services to the oil and gas industry, and I very much look forward to working more closely with him."

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.

Statements contained in this press release 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. 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, 2004 and the Company's reports on Form 10-Q for the quarters ended June 30, 2004, September 30, 2004, and December 31, 2004. Offshore Logistics, Inc. disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events, or otherwise.

[ATPMBA]

Did anyone ever say what the two other guys did that got them kicked out?

[SASless]

This thread was down a few pages ATPMBA...

[Hippolite]

Airlog will be an interesting place to work with Suldo at the helm.

I wonder if he will have all the "snoopy" stuff and model helicopters hanging in his new office at Airlog.

The guy is a bit of a goose in my opinion.

[Nigel Osborn]

Where does Air Log work in Australia??:confused:

[SASless]

Nigel....they own a small outfit....Bristow Helicopters....ring a bell?

[S92mech]

History repeats it's self. PHI was on the verge of shutting the doors when people were promoted from within the company to run the company.
I worked with Mike when he was in the EMS division of PHI and I have to agree with ATPMBA. For the Airlog mechanics, I hope Mike has changed greatly in the last few years. He was not a mechanic friendly manager in any way.

[SASless]

Time will tell S92....but he is a product of the Bob Suggs School of Helicopter Management and we know what Suggs thought of the boys and girls out there making the money for him. From the recent CBA battle at AirLog and SEC investigation....there sure needs to be some fresh air let into the management suite. They started by sending the previous guy packing....but not for the way he dealt with the staff unfortunately.

I have met the man....and he did not appear to be a two headed ogre. He has a lot on his plate and deserves a chance to work into the job before people pass judgement on him in his new position.

From an outsiders view of the GOM....it does appear the old Bob Suggs way of dealing with staff issues has not worked very well as evidenced by the existence of pilot unions and the bitter fought CBA contract that just concluded at Air Log.

Hopefully, Suldo has some good ideas on how to improve that situation and turn Air Log into a bunch of happy campers....and keep his job at the same time. I wish him every success if he does....and hope for my friend's sake at Air Log it does work out for the good of all down there.

There are some pretty significant problems on the personnel side he will have to deal with as a result of previous management actions and how he begins to handle them will determine his success in bringing everyone together down there.

[Hippolite]

SASless

I think that you will find that Suldo has been working behind the scenes on the recent Union contract HR issues in AirLog.

I believe he is unlikely to have a sudden rush of goodwill and start to work with everyone in peace and harmony!!

The Union stuff was very much Suldo's baby!!

We will wait and see! Glad I don't work there.

[msuldo]

Well, to those ( I think there was one) that wished me well, Thanks. SASLESS - it's good to email you again, maybe under a different name this time.

Hippolite - I'm curious how you got your extensive knowledge of my "behind the scenes" manuevers on the recent union contract. I wasn't the boss or on the committe, though I did go to most of the meetings. I think that you give me way to much credit; I'm not sure I would characterize that contract as "my baby", but again, you seem to know all about it so who am I to question you.
As a matter of fact I do have some model helo's in my office - not sure that's real strange - after all it is a helo company - duh. What would you have in yours - dump trucks?
Matter of fact - since you are so quick to rush to an uninformed opinion, I'm glad that you don't work here also.

S92Mec. I think if you asked the mechanics that I have worked with, my guess is that they would say if they made an honest effort to do their job, I was more than fair with them. If they were complete screw-ups, and I remember only one or 2 of those, well - I didn't have a lot of patience for those folks - guess that gives me a clue as to your identity, since you don't have the guts to post your name as you take a cheap shot.

I'm going to try and do the best job that I possibly can. Could someone else do better - probably. I sure as heck had no desire to take this job under these circumstances. My only saving grace is that there are some fine folks there who will be allowed to do their jobs. We face a lot of challenges and have lots of opportunities. Hold off your judgement for 6 months, then ask someone who pulls their weight what they think, not some chronic complainer who hates their life.

As far as the Bob Suggs school of management, I was a line pilot there when he died, was never part of his "team" and Frank Lee was an idiot. The only thing I learned from that school of "management" was what not to do.

Mike

[NickLappos]

Mike,

Welcome to the place where some folks have the nerve to post with their real names!

Air Log is a fine company, I have flown with lots of your guys over the years. It is rare when a person who knows the industry gets to help lead it, and perhaps even rarer when that person has gumption! Good luck in your new job, I wish you well.

[The Rotordog]

Making his first appearance on the internets since the announcement of his rise to power at Air Log, it's ol' Mike - elusive as Elvis- Suldo! I had typed up a real heartfelt response. I mean, really, there wasn't a dry eye in the house. My keyboard must've thought I'd left it out in the rain, such was the outpouring of emotion I was ladling...some might say "shoveling" onto the information highway. Then I hit "Send" and...wouldn't you know it...the dreaded message of We're sorry we have to close the board for maintenance. Please try your crappy little rambling post later :) Ooooo, you bastards. One good post, shot to hell. Had to retype the whole dang thing.

Suldo and I go way back. We were enemies once. Kind of. Different sides of a very big fence. Wall, you might say. But because it is wise to learn the ways of the enemy (I learned that from "The Hunt For Red October") I did my research on the man. And you know what? Say what you will (and I'm sure you will), but Suldo ain't such a bad guy. At least, not anywhere near in the same "bad guy" league as some of other (*ahem* current) players in this business who's names we cannot mention due to various slander and libel laws.

Suldo takes care of his people. He keeps them informed, and goes to bat for them vigorously when necessary. That right there says a lot. And, God bless him, like VERY few other people on the various rotorcraft boards, Suldo posts (most of the time) using his own name - something most of us can't or won't do. Gets my (anonymous) respect.

And anyone who can survive having his CH-46 self-destruct in midair must be living right. Something to that.

We all dream about what we'd do if *we* ever got picked to run a big company like PHI or Air Log. Mikey Suldo gets to find out. One can only wonder how he's feeling right now. Me? I'd probably be pooping a brick. 'Cuz as a corporate president, I make a pretty good helicopter pilot. I think Air Log will be well served by having Mike as President. But then, he's got some awfully Small shoes to fill.

Whatever your feelings are for the man, let us congratulate and wish him well. He has some big challenges ahead of him, and they surely won't be easy. I was going to say "We probably won't be seeing him here on the boards anymore," but knowing him, he probably won't be able to resist poking his head in from time to time. At least, I hope not.

Best of luck, Mike. Take care.
-Bob

[ATPMBA]

Offshore Logistics got a Justice Dept subpoena from the US department of justice's antitrust division. A grand jury probe of potential antitrust violations among helicopter transportation services in the Gulf of Mexico.

Could these be related to the recent ouster of the two executives?

Someone must have filed a complaint, could it have been PHI or or oil companies? I believe the government can also file.

What's next, antitrust suits against pizza delivery firms?

[SASless]

Mike,

Don't let the alligators get you while you drain that swamp. I have every expectation that you will be able to improve the operation down there and wish you every success. Hopefully, others will meet you half way and in time Air Log will be a happy place to be for everyone.

[finalchecksplease]

ATPMBA,

Don't think it was PHI because they seem to have received the same subpoena from the antitrust boys.
From Rotorhub:
Petroleum Helicopters, Inc. Receives Subpoena from U.S. Department of Justice Antitrust Division

LAFAYETTE, La--June 15, 2005--Petroleum Helicopters, Inc. ("PHI") (NASDAQ: PHEL) (NASDAQ: PHELK) announced that it received a subpoena today, June 15, 2005, from the United States Department of Justice relating to a grand jury investigation of potential antitrust violations among providers of helicopter transportation services in the Gulf of Mexico. PHI believes that the subpoena was issued in connection with a broader industry inquiry and that one or more other providers of helicopter services have received similar subpoenas. PHI had no knowledge of the investigation prior to receiving the subpoena. PHI intends to cooperate fully with the investigation and to provide all information requested by the subpoena.

Interesting times ahead in the Gulf!

[SASless]

Grand Jury subpeonas don't mean a lot....just an invitation to provide documents, records, or testify.....does not mean anyone person, company that receives the subpeona is the target of the investigation.

When you start reading about indictments and such....or searches...or arrests...then it means something.

Don't start sharpening those skinning knives too quick....the hunt is just getting started.