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.
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.
Updated: Sometime Tuesday, Hurricane Isaac could bring significant weather conditions to more than a thousand drilling rigs and platforms in the Gulf of Mexico. Oil prices are already on the rise. As you can see in the map to the right by Accuweather, there are several Gulf drilling regions that are under a "high" or "moderate" threat by the storm.
The state Office of Conservation has ordered petroleum exploration and production companies to take necessary precautions to ensure their sites are secure as Hurricane Isaac nears.
Conservation Commissioner James Welsh said operators of oilfield and related structures as well as pipelines have been directed under the state's emergency declaration to ensure wells and other facilities do not create environmental threats.
Ascension Parish has been chosen as the site for an Avalon Rare Metals Inc. plant that will refine elements used in televisions and hybrid vehicles, if the company decides to build the $300 million facility.
The Louisiana Department of Economic Development announced Monday that Avalon chose the Geismar site for its possible refinery, with a final decision planned for 2013.
If built, LED says the plan would create 175 new jobs.
Originally published on Tue August 28, 2012 8:32 am
(SOUNDBITE OF MUSIC)
DAVID GREENE, HOST:
NPR's business news starts with an eye on oil prices.
Isaac is not expected to grow beyond a Category 1 hurricane and that is easing some concerns it could damage oil and gas refineries along the Gulf Coast. Still, several have shut down operations and will probably be offline for a couple days. Depending on Isaac's severity, analysts say gas prices could go up by about 10 cents or so in the coming weeks. Transcript provided by NPR, Copyright National Public Radio.
State agencies say they've asked the company owning a natural gas pipeline that was bent by an expanding sinkhole in Assumption Parish for an updated risk management plan on a nearby butane storage cavern.
Crosstex Energy LP of Dallas owns a storage cavern 1,600 feet from the site of a sinkhole near Bayou Corne. The cavern houses 940,000 barrels of butane.