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$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.

“Today’s announcement highlights our state’s ability to attract investment as tough economic times sweep across the nation,” 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 Development’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 Governor’s Office.

“We 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,” said Ricky LaGrange, chief executive officer of Performance Energy Services. “We could never imagine a time in which Performance Energy Services would not want to call Terrebonne Parish home.”

Terrebonne Parish is a major industrial center for the offshore service industry.

The company already employs 800 workers, whose retention is part of the deal.

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