[6] On June 5, 2019, court-supervised arbitration announced an agreement to force the retirement of CEO Al Gonsoulin and strip him of his shares.

[7] PHI Inc. was founded by Robert L. Suggs and Maurice M. Bayon with a startup cost of $100,000, and three Bell 47 helicopters.

They started by providing service to a seismographic group working in the wetlands of Louisiana.

[8] Over the next couple of decades the company expanded their fleet to 300 helicopters, which was the biggest non-military group of aircraft.,[8][9] and constructed the world's largest heliport at Lake Palourde in Morgan City[10] In 1981 Petroleum Helicopters created PHI Air Medical, and became a provider of aeromedical services.

[citation needed] PHI Inc. owns or operates 259 aircraft domestically and internationally.