Suggs family sells controlling interest in Petroleum Helicopters
Sam Fletcher
OGJ Online
HOUSTON, Sept. 6 -- The Suggs Family Fund LLC said Thursday it sold its controlling interest in Petroleum Helicopters Inc., the largest helicopter transport firm servicing the offshore oil and gas industry, to Houston businessman Al A. Gonsoulin.
Terms were not disclosed for the private sale of the fund's stock, which completes the family's divestiture of all of its holdings in the company, based in Lafayette, La.
Robert L. Suggs cofounded PHI near New Orleans in 1949, just 2 years after the first well was drilled out of sight of land in the Gulf of Mexico.
Suggs, Maurice Bayon, and Jack Lee started the firm with $100,000 capital, three Bell 47 helicopters, and eight employees.
Their initial aim was to assist movement of seismic crews and equipment exploring the swamps and marshes of south Louisiana. Within a couple of years, however, the company entered what became its core business of ferrying crews and equipment to offshore rigs.
Over the years, PHI became the largest helicopter company in the offshore transport business with a civilian aircraft fleet larger than the military forces of several countries. Company officials claim they've retained most of the Gulf of Mexico market while branching out to other opportunities.
For instance, PHI's experience in air medical missions predates the commercial use of emergency medical helicopters. Since its beginning, its helicopters have evacuated injured workers from offshore platforms and rescued victims of natural disasters. In 1981, it formed its Aeromedical Services Division.
PHI also has a long history in the global marketplace, having operated at times in 43 countries outside the US. In 1996, it expanded operations to Antarctica to provide the first civilian helicopter support for 650 scientists in the National Science Foundation's research program.
Its focus outside the US is on West Africa and Latin America. It uses a broad range of joint ventures, partnerships, and strategic alliances with customers and other operators.
When Suggs died in 1989, his wife Carroll W. Suggs succeeded him as chairman and manager of the family fund. The fund late Wednesday sold its 51.975% of PHI's voting common stock and its 28.197% of the total outstanding stock to Gonsoulin.
Gonsoulin, a Louisiana native, has 35 years experience as a manager, owner, and investor in the oil and gas service industry, primarily in the offshore vessel sector. He was with Sea Mar Inc. when it was acquired by Pool Energy Services Inc. in 1998.
Contact Sam Fletcher at [email protected]
