In this week's news updates, Target Logistics renews housing contracts in the Bakken and a Houston-based service company plans to reduce its workforce.
Oilfield services company Frank’s International NV plans to cut up to 600 jobs — about 13 percent of its workforce — the company announced on March 31.
The cut will take place in areas with the sharpest decline in activity, according to the Houston-based company.
Earlier this year, Frank’s entered into an agreement to acquire a Louisiana-based competitor, Timco Services Inc. The deal is expected to close in the second quarter of 2015.
Frank’s International has 4,500 employees companywide and revenue of $1.08 billion. The company specializes in casings, tubular services and equipment manufacturing.
Target Logistics Renews Contracts in North Dakota
Target Logistics, a Texas-based provider of workforce housing in North Dakota and other locations in North America, announced March 30 that it has renewed major contracts with two global oilfield service companies.
The renewed contracts total roughly $50 million, according to the company. The contracts are good for three years.
Target Logistics has been offering housing services in the Bakken Formation since 2010. The company operates 19 properties spread across the U.S. and Canada, offering more than 8,000 total beds.