$26-million Port Expansion in Louisiana
Performance Energy Services LLC, which serves the offshore oil and gas industry, plans to hire 350 more people in the next five years with a $26 million expansion of its Port of Terrebonne site in Louisiana.
In a joint announcement with Gov. Bobby Jindal in Houma, LA, the company said the jobs would pay an average salary of $55,000, plus benefits.
â€śTodayâ€™s announcement highlights our stateâ€™s ability to attract investment as tough economic times sweep across the nation,â€ť Jindal said on Monday afternoon.
Construction is expected to begin in the third quarter this year and wrap up in mid-2010.
The company has applied for Louisiana Economic Developmentâ€™s Enterprise Zone program and Economic Development Awards Program to help finance the project.
For the $26 million capital investment plus an eventual $19 million in added annual payroll, the state offered $5 million in incentives: a $3.3 million economic development award, $1.1 million in Enterprise Zone payroll incentives and $600,000 in waived sales taxes for equipment bought for the expansion, said Kyle Plotkin, a spokesman for the Governorâ€™s Office.
â€śWe have worked on this project with many local and state officials and are very pleased to see all of the hard work result in a positive change in Louisiana,â€ť said Ricky LaGrange, chief executive officer of Performance Energy Services. â€śWe could never imagine a time in which Performance Energy Services would not want to call Terrebonne Parish home.â€ť
Terrebonne Parish is a major industrial center for the offshore service industry.