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More oil industry layoffs

1 year 6 months 2 weeks ago May 21, 2015 May 21, 2015 Thursday, May 21 2015 May 21, 2015 8:37 AM in News
Source: WBRZ, Associated Press
By: Trey Schmaltz

LAFAYETTE - The falling oil prices have taken its toll on more Louisiana oil industry workers.

The Associated Press reported Wednesday night, Frank's International is laying off 150 of its employees in Lafayette. The company is trying to trim its workforce by 400 to 600 employees. Workers were told about the layoffs Tuesday.

Frank's International has US headquarters in Houston and its global base is in The Netherlands.

The company said the move was necessary after demand for its oil field tubular services and rentals fell and follow the company's purchase of its competitor, Timco Services Inc.

The industry blames slackened demand after the price of oil started collapsing last summer.  The oil prices have sent the price of gas plunging much of this year.

In Lafayette, where the layoffs are happening, the average price of gas is about $2.39. The state average is $2.45. Drivers in Baton Rouge are paying about $2.30.
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Follow the publisher of this post on Twitter: @treyschmaltz

 

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