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Marine Log

March 6, 2008

Louisiana to invest $10 million in Chouest shipyard

Louisiana Governor Bobby Jindal, Louisiana Economic Development Secretary (LED) Stephen Moret and company officials announced yesterday that Edison Chouest Offshore (ECO) will expand its Louisiana shipyard operations at the Port of Terrebonne. The $10 million investment being requested by Governor Jindal in the second special session of the state legislature will help bring 1,000 new jobs at an annual average salary of $54,000.

"We at Edison Chouest Offshore are proud of our Louisiana heritage and are excited about the creation of 1,000 jobs in Terrebonne Parish," said Gary Chouest, president of Edison Chouest Offshore.

At the Port of Terrebonne, Edison Chouest Offshore, through its sister company LaShip, will build vessels to support growing deepwater offshore oil and gas industry needs for vessels with hull lengths greater than 350 feet. Pending legislative approval, the state will provide $10 million to support infrastructure improvements at the Port of Terrebonne to accommodate the company's expansion investment. The Port of Terrebonne also will receive a $4 million grant from the Governor's Rapid Response Fund to complete the infrastructure improvements.

"This exciting project is a terrific example of the opportunities we can generate by supporting the growth of existing Louisiana businesses," said Moret. "Governor Jindal's support, along with that of the Legislature, will ensure that businesses like Chouest select Louisiana rather than other sites. This commitment solidified our ability to keep LaShip here at home."

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