Louisiana Machinery Co. will expand its New Iberia operations and add 60 jobs over the next five years.

The company, known as Louisiana Cat, rebuilds and services engines and related equipment for marine, oil and gas, industrial and utility companies at the Port of Iberia.

The new jobs will carry an average annual salary of $60,000. Louisiana Economic Development estimates the project will also generate 28 new indirect jobs. Louisiana Cat now employs 130 people.

"This expansion is a signal that better times are ahead in our oilfield communities," Gov. John Bel Edwards said. 

To make the expansion possible, an 8-inch natural gas pipeline to the port area will be installed by Atmos Energy at a cost of $1.2 million. The pipeline is being funded through a partnership of state, local and private partners.

LED will contribute $450,000 toward the cost of the pipeline through an Economic Development Award Program payment. Louisiana Cat must meet hiring and payroll benchmarks or the state will require the company to repay the performance-based award. Louisiana Cat, the port and Iberia Parish government will each pony up $250,000 toward the cost of the pipeline installation.

Follow Ted Griggs on Twitter, @tedgriggsbr.