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EXHIBIT 12.1
OFFSHORE LOGISTICS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands except ratios)
<Table>
<Caption>
FISCAL YEAR ENDED MARCH 31,
----------------------------------------------------------------
1999 2000 2001 2002 2003
-------- -------- -------- -------- --------
EARNINGS:
Income before provision for income taxes .... $ 31,732 $ 14,881 $ 45,383 $ 66,316 $ 64,181
Add: Minority interest ...................... (1,303) (1,405) (1,402) (1,603) (1,797)
Fixed charges .......................... 20,528 20,062 19,833 17,292 16,504
-------- -------- -------- -------- --------
Total earnings .............................. $ 50,957 $ 33,538 $ 63,814 $ 82,005 $ 78,888
======== ======== ======== ======== ========
FIXED CHARGES:
Interest expense ............................ $ 19,811 $ 18,527 $ 18,385 $ 15,825 $ 14,904
Amortization of debt issuance costs (1) ..... -- -- -- -- --
Interest portion of rental expense .......... 717 1,535 1,448 1,467 1,600
-------- -------- -------- -------- --------
Total fixed charges ......................... $ 20,528 $ 20,062 $ 19,833 $ 17,292 $ 16,504
======== ======== ======== ======== ========
Ratio of earnings to fixed charges .......... 2.5x 1.7x 3.2x 4.7x 4.8x
</Table>
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(1) Amortization of debt issuance costs is included in interest expense