LeTourneau plant could be up for sale
The sale would include its land rig business, because demand in those areas appears to be strengthening.
CEO Matt Ralls said plans shelved with the onset of the recession to separate the jackup rig maker’s plants in Vicksburg and Longview, Texas, are back online.
The Vicksburg Post reports the comments from Ralls came after the Houston, Texas, company said its fourth-quarter net income fell 6 percent but was higher than analysts expected, helped by a jump in revenue from its manufacturing business.
The $150-million Joe Douglas, third in a line of 240-C class shallow water rigs built in Vicksburg, is the yard’s lone major job and will be ocean-ready by June.
Vicksburg plant manager John Massey said the 600 jobs at the riverside Vicksburg plant off U.S. 61 South are safe through June unless employees are told otherwise.
Since mid-2008 when earlier moves to spin off LeTourneau were suspended, employees have provided service work on existing rigs and on contracts for rigs built overseas.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Expert on airlines predicts Jackson-Evers will keep remaining carriers
- IKE TROTTER: There are primary changes in Social Security for 2014
- Keeping our eye on... Liz Lancaster
- MAN OF STEEL: Madhu Ranade leading Severstal Columbus
- Alcorn's finances being investigated; CFO resigns
- C Spire launches next phase of 1-gig service rollout
- NEW ORLEANS SAINTS MOVING — Mississippi company has the task of moving the football team
- Hood issues opinion on open-carry gun law
- GOP Sen. Thad Cochran to run for seventh term
- State of Louisiana mulling plan for Amtrak route