The oilfield services company Frank’s International is preparing for another round of layoffs, which will be the third round of workforce reductions in a year, a company official confirmed Wednesday.
However, Karen Allen, the Houston-based director of communications and external affairs for Frank’s, couldn’t say when the layoffs would begin, how many workers would be affected or where the job cuts would be made in Frank’s worldwide operations.
The company has a major operations center in Lafayette.
Allen said more information about the layoffs would be published on the Frank’s International website after the “adjustment process” is completed. “We have been in the process of responding to market conditions. … Right now we don’t have any further comment,” she said.
The confirmation that employees would lose their jobs comes a little more than a week after Frank’s posted its 2015 financial results Feb. 29. According to a Frank’s news release, the services company made a profit of $106.1 million on revenue of $974.6 million.
The employees at Frank’s have braced for layoffs before. In March 2015, the company announced it would reduce its workforce by 400 to 600 workers, some of them in south Louisiana. The announcement one year ago came on the heels of news that Frank’s would acquire a competitor, Timco Services. The purchase, completed in the second quarter of 2015, was worth up to $95 million.
Then, in October, Frank’s announced it would again trim its workforce and further reduce an employee count that at one time numbered about 4,500. In its annual report for 2015, released at the end of February, the company said it had eliminated about 800 jobs in 2015 due to the severe downturn in the energy business.
Companies tied to oil and gas have had to reduce their employee rolls by tens of thousands, a response to the per-barrel price of oil falling from above $100 in the summer of 2014 to below $30. On Wednesday, U.S. benchmark crude scheduled for April delivery was about $38.
Follow Billy Gunn on Twitter, @BillyGunnAcad.