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
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Deal for Jackson-Orlando flights in works with Allegiant
- (UPDATED) Making Jackson-Evers affordable to Allegiant is key to regaining Orlando service
- Great River Industries moving headquarters to Natchez
- Congressional delegation applauds Air Force's decision on Keesler, but not satisfied
- The Blues and higher education — Delta State launches the International Delta Blues Project
- Baseball stadium for Farish Street? It’s possible
- Moon River Foods creating 100 jobs in Mississippi Delta
- County rescinds gun ban; sheriff says lawmakers may 'deal with the consequences'
- Singing River shutting doors on two Coast clinics
- Former state lawmaker Green dies at home at age 62