National Oilwell Varco said it will spend $23 million to develop a drilling technology facility in New Iberia, a project that will create 80 jobs by 2016.
The Louisiana economic development department said the new jobs will have an annual salary of $60,000, plus benefits. The facility is estimated to create 78 indirect jobs. Another 45 construction jobs will be involved in building the 78,000-square-foot technology facility on South Lewis Street.
NOV will provide drilling rig repair services and remanufacturing of riser materials and equipment for offshore facilities. The company already has a 189,000-square-foot facility near New Iberia that houses inventory and provides riser accessories; 150 people work there.
By the end of the year, construction of the building on South Lewis Street will be finished and NOV will have started hiring. The company plans to hire about 25 people per year.
NOV, based in Houston, has a significant presence in Louisiana. The company has nearly 1,800 employees at 76 locations across the state. The company, which posted global revenue of $20 billion in 2012, designs, manufactures and sells major mechanical components for both land and offshore rigs, along with providing oilfield services and equipment.
LED began working with NOV in April to identify growth opportunities in the state. The state offered an incentives package that includes the services of LED’s FastStart workforce training program.
NOV is expected to use the state’s Quality Jobs and Industrial Tax Exemption programs.