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.
Twang & Tourism: The Country Music Trail
Still planning that summer vacation?
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Study: Mississippi has highest sales tax rate in U.S.
- Mississippi State makes NSF ranking of research universities
- Tallahatchie General’s listing on auditor’s ‘watchline’ an image set back, CEO says
- TVA president/CEO Johnson tours Techumseh, Yokohama plants
- Ex-city worker arrested on false pretense charge
- Chris McDaniel responds to radio show audio clip
- Panther Creek megasite — Putting a value proposition out there
- Kelly Boutwell added, Jason Word promoted at MEC
- Cotton to take center stage during MSU summit
- BRENT CHRISTENSEN — Entrepreneurs: A vital fuel for Mississippi’s Economy