Page 63 - FDI Alliance International Magazine. Winter 2020 Digital Interactive Issue.

the Department of Defense. A new shipyard
located in St. Mary five (5) years ago, is now
looking to expand as they ran out of room
at their new site. Some of the large oil field
fabricators are now producing LNG tanks.
The parish has also added a manufacturer/
distributor of excavation equipment with a
specialty hydraulic controller, reducing costs
and improving safety. This was a contractor
finding a better way to work within the markets.

There is much said about diversification yet
getting the Big One is more elusive than you
would think. Stick with your capability for
“organic diversification”. Keep the driver
companies on the radar, encouraging them
to consistently look for expanded markets
for their products, product upgrades, new
markets and services. Recognize the trends
and respond accordingly. Whether you use
“Catch if you Can”, “Target Industry”, or
“Organic” methods of Diversification, they
all will have a role to play.

What’s next? Now you have spent 5-10% of Technology helped create larger rigs with less
your time seeking diversification but the rest manpower, administration was consolidated
should be spent on companies in the local in Houston, TX, large platform fabricators
economy. Take care of those companies that moved to deeper water and foreign countries
have grown the local economy in the past, (Mexico) to lower labor costs all in response EVAN BOUDREAUX
assisting them in developing new markets, to major fluctuation in the price and supply
extending their product lines and maintaining of oil. Alternative sources of energy began ECONOMIC DEVELOPMENT
a top-notch workforce? This is known as to take hold including shale production, DIRECTOR
“Organic Diversification” method. Look at solar and wind power projects, cooperative
the historic cycles. St. Mary Parish is home ventures between utilities and large process F
of the first offshore oil rig in the US in the late industries using hot off-gas from the plant 500 Main Street, 5th Floor
1940’s. This industry grew quickly through as fuel. Franklin , LA 70538
the balance of the 20th century. Platform ☎
fabricators, shipyards building service vessels, In St. Mary Parish the shipyards began to move (+1) 337-828-4100 ext. 340
machine shops, food service and off shore away from oil field vessels to Department (+1) 985.518.5885
training industries just kept growing. Yet a of Defense, International Governments for
trend began in the 80s and has continued shore patrol vessels and large city clients ✉
today. Offshore oil is a cyclical business for customer taxis. This local diversification eboudreaux@stmaryparishla.gov
and every time there was down turn in the of product has been very successful. Now
price of oil the local economy suffered. Yet with the next step forward these shipyards
expectations of a strong recovery fell short. are producing unmanned stealth vessels for

63. FDI ALLIANCE INTERNATIONAL