Exhibit 21

PHI, Inc.
Subsidiaries of the Registrant at December 31, 2010

COMPANY	PLACE OF INCORPORATION	% OF VOTING STOCK OWNED
Petroleum Helicopters Angola Limitada	Angola		49	%
Energy Risk LTD	Bermuda		100	%
PHI International, LTD	Cayman		100	%
HELEX, LLC	Florida		100	%
International Helicopter Transport, Inc.	Louisiana		100	%
PHI Tech Services, Inc.	Louisiana		100	%
Air Evac Services, Inc.	Louisiana		100	%
PHI Air Medical, Inc.	Louisiana		100	%
Petroleum Helicopters International, Inc.	Louisiana		100	%
Helicopter Management, LLC	Louisiana		100	%
Helicopter Leasing, LLC	Louisiana		100	%
Gulf Aero Industries, LLC	Louisiana		100	%
Sky Leasing, LLC	Montana		100	%
Vertilease, LLC	Montana		100	%
Leasing Source, LLC	Montana		100	%