Hornbeck Offshore Services Inc. will spend $180 million to build four vessels in anticipation of increased demand for oilfield supply vessels in the Gulf of Mexico and Latin America.
New Orleans CityBusiness reported Tuesday that the Covington-based company plans to exercise the first four of 48 options to build the supply vessels, which will be delivered in late 2014 and early 2015.
The plans are part of a building program the company launched in November. Hornbeck already has 16 new vessels under construction at U.S. shipyards.
Port of New Orleans President Gary LaGrange has been selected to receive the C. Alvin Bertel Award.
The presentation by the World Trade Center of New Orleans will take place during a luncheon Sept. 26 at the Westin Canal Place Hotel. The award is presented annually in recognition of outstanding contributions to ports in the New Orleans area.
More information on the award luncheon is available by calling 504-619-9834.
The Shaw Group Inc. has completed the $290 million sale of its Energy and Chemicals business to Technip.
The Energy and Chemicals sale, which was completed on Friday, also helps Baton Rouge-based Shaw meet one of the requirements for Shaw to eventually be acquired by CB&I -- having at least $800 million in cash.
Shaw and Technip announced their deal on May 21, and the sale of the Energy and Chemicals unit was expected to close by the end of August.
The company said the sale will give Shaw an adjusted cash balance of around $1.3 billion.
Crowd funding began as a way to support the arts on the Internet. Artists could go online to pitch a new album, for example, in the hope that thousands would give small amounts. But now it's expanded to entrepreneurs, and the rules aren't quite as clear.
First-time claims for unemployment insurance in Louisiana for the week ending Aug. 25, increased from the previous week's total.
The state labor department figures released Friday show the initial claims increased to 2,956 from the previous week's total of 2,835. Initial claims were below the comparable week a year earlier at 3,648.
The four-week moving average, which is a less volatile measure of claims, decreased to 2,055 from the previous week's total of 2,963.
For every farmer who is hurting this year during the drought, others are benefiting. Many fields in the South, Northwest and Upper Midwest are producing bountiful corn crops. And because the drought has pushed prices to record highs, farmers who have corn to sell expect a terrific payday.
"The corn has actually really, really taken off all the way through season. It's grown fast. It's been accelerated. The corn looks really good now," says John Scott, whose family farm in Sargeant, Minn., is just bursting with corn.