The continued slump in offshore oil and gas activity deepened Lafayette-based PHI Inc.'s first-quarter loss to $15.2 million, or 97 cents per share, from $8.9 million, or 57 cents per share, a year ago.
The helicopter company's oil and gas segment revenue fell nearly 19 percent to $71.7 million. The lower revenue resulted in the segment losing $11.7 million. A year ago, the oil and gas segment lost $5 million.
PHI said it has continued to take the steps necessary "to preserve our organization, our assets, and our financial health."
The company is selectively expanding operations in the Middle East, West Africa, Trinidad, Canada and Australia.