LAFAYETTE — Lafayette’s Mosing family started writing the next chapter in the story of Frank’s International on Wednesday, unveiling plans for an office-warehouse-shop operations complex for the oil and gas service company.
The new construction is adjacent to the company’s U.S. headquarters.
The 175,000-square-foot facility, to be built on 55 acres with completion scheduled for October 2014, will be the operations center off Beau Pre Road, near U.S. 90. The site, which is clear fields now, is near the company’s existing complex at Verot School Road and U.S. 90.
Core Construction Group has signed on as the prime contractor.
“This is the only place we had available land,” Chief Executive Officer Keith Mosing said.
He said Frank’s is forecasting increasing oil and gas developments worldwide, and the company plans to expand its facilities internationally in some of the 60 countries in which Frank’s helps producers find and extract oil and gas.
Mosing, a third-generation family member running the 75-year-old company, was joined Wednesday by Frank’s employees, local officials and family, including his father, Donald, and cousin Brent Mosing.
Donald Mosing, 84, was the longtime CEO of Frank’s Casing Crew and Rental Tools, the domestic arm of the company that was folded into Frank’s International several years ago.
Donald’s father, Frank Mosing, started the company in 1938.
Keith Mosing wouldn’t say how much exactly the complex announced Wednesday would cost.
“We don’t want to be braggadocios, but it’s going to be expensive,” Mosing said, later letting on that Frank’s plans to use up to $200 million for capital expenditures, much of it spent locally.
“One of the bedrock companies in the area has been Frank’s,” said Rob Guidry, the just-retired president and CEO of the Greater Lafayette Chamber of Commerce.
Investors like Frank’s, too.
In early August, the company went public, with shares entering the market at $22. On Wednesday a share of Frank’s International approached $30, an increase of 36 percent in less than two months.
Keith and Brent Mosing, who heads the company’s marketing efforts, said Wednesday that the help-wanted sign at Frank’s has been posted nationally and internationally for a while.
They said Frank’s provides training including how to work safely in heavy crane-lift work environments.
“We feel there is going to be a shortage of qualified personnel because of the growth we’re forecasting” domestically and internationally, Keith Mosing said.