Frank’s International said Wednesday that it plans to lay off another 100 workers from its international workforce, the company’s second big reduction to its employee rolls that at one time numbered 4,500.
“Similar to other companies in the oil and gas industry, Frank’s International continues to be impacted by low energy prices and activity levels,” Caroline Mansur, company director of communications and external affairs, said in an email.
“Throughout 2015, Frank’s has been developing and implementing cost savings opportunities while continuing to focus on our long-term strategic plan,” Mansur said. “In association with these cost savings opportunities and as part of our performance improvement plan, we announced today a workforce reduction of approximately 100 employees.
“These reductions were in multiple areas and functions where we are experiencing the sharpest decline in activity levels,” Mansur said.
Mansur did not say where in its worldwide workforce Frank’s would implement the layoffs. She said the job losses and other company news would be addressed in a Nov. 3 conference call to discuss the company’s third-quarter financial results.
In May, Frank’s began laying off 150 employees in Acadiana, part of an international employee reduction of 400 to 600 that was announced in March. Those layoffs followed the early March announcement that Frank’s had acquired Timco Services Inc. for around $100 million.
On Wednesday afternoon, shares of Frank’s International traded on the New York Stock Exchange around $17.50, down over 3 percent from Tuesday.
Oil producers and the energy sector’s service companies have been on the defensive since the per-barrel price of oil started sliding in July 2014 from over $100 to less than $40 earlier this year. On Wednesday, U.S. benchmark crude scheduled for December delivery traded for just over $45.
Frank’s was founded in 1938 in Lafayette by Frank Mosing, whose son and grandson ran the company until outside-the-family CEO and President Gary Luquette took over in early 2014.
Luquette is a featured speaker next week at the Louisiana Gulf Coast Oil Exposition at the Cajundome and Convention Center. On Wednesday at 1 p.m., Luquette’s speech will be timely: “Surviving and Prospering in a Difficult Market.”