Carroll Suggs Sells Off Controlling Interest in PHI

Aviation International News » October 2001
May 12, 2008, 9:38 AM

An era has ended in the helicopter offshore oil-support business with Carroll Suggs, wife of Petroleum Helicopters Inc. founder Robert Suggs, selling her family’s majority interest in the company to Louisiana businessman Al Gonsoulin. A resident of Houston with 35 years of experience in the oil- and gas-service industry, Gonsoulin took over as chairman of the PHI board in early September. According to a statement, Suggs sold Gonsoulin 51.975 percent of PHI’s outstanding voting common stock and 28.197 percent of the total outstanding common stock for $30.5 million. With this sale, the Suggs family is fully divested out of PHI.

Operating a fleet of about 280 aircraft (almost exclusively helicopters), PHI provides contract transportation services from bases across the U.S. and in 10 other countries. Founder and one-time president and chairman Robert Suggs virtually created the offshore oil-support business in the days right after World War II, operating early Bell 47s from a barge anchored in the oil-rich Louisiana bayous. Today, 80 percent of PHI’s helicopter-transport business is oil drilling and production support, with the rest taken up by aeromedical transport.

Share this...

Please Register

In order to leave comments you will now need to be a registered user. This change in policy is to protect our site from an increased number of spam comments. Additionally, in the near future you will be able to better manage your AIN subscriptions via this registration system. If you already have an account, click here to log in. Otherwise, click here to register.