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Committee forwards request to extend foreign trade zone agreement for Deepwater Riser Services
Summary
A Terrebonne Parish finance committee voted to send to the full board a recommendation to approve a five-year extension of a cooperative endeavor agreement allowing Deepwater Riser Services LLC to operate inside a Foreign Trade Zone, citing local employment and sales-tax benefits while committee members sought clearer language about the term.
A Terrebonne Parish finance committee on the evening considered a request by Deepwater Riser Services LLC to extend a cooperative endeavor agreement that exempts certain offshore drilling equipment from ad valorem taxes through the parish’s Foreign Trade Zone program.
The committee recommended acceptance of the cooperative endeavor agreement and authorization for the board president to sign documents, subject to review by the board attorney; the recommendation will go to the full board for final action.
The request was presented by a company representative who said the FTZ was established with school board approval about five years ago on Industrial Boulevard and that extending the agreement would allow the firm to continue bringing deepwater drilling equipment into Terrebonne Parish without local ad valorem taxation on that equipment. “We are the only entity in Terrebonne…
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