PORT FOURCHON, LA (AP) — A reduced rental rate at Port Fourchon implemented last year to help area companies cope with a historic downturn in the offshore industry has been extended another year as crude oil prices continue a nearly two-year slide.
Last March, the Greater Lafourche Port Commission approved a 20 percent rental discount for port land leases to help out tenants who were having to make similar sized cuts in their own budgets. The Commission renewed that discount last month.
Commission Executive Director Chett Chiasson tells The Courier’s Jacob Batte the agreement expires Dec. 31 or when the price of oil hits $70 a barrel for 60 consecutive days, whichever comes first.
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