For Release On: March 16,2009 On Monday, March 16, 2009, Governor Bobby Jindal held a press conference in Houma to announce that Performance Energy Services will expand their Houma facility and add a third subsidiary, Performance Dry Dock LLC, with a $3.3 million commitment in funding from Louisiana Economic Development. The funding is anticipated through the Louisiana Economic Development Corporation's performance-based Economic Development Award Program, for which Terrebonne Economic Development Authority is the local co-sponsor and fiscal agent. Performance Energy Services, an offshore hookup/installation, offshore catering, onshore fabrication and marine vessel repair company, is investing approximately $23.0 million into their marine division expansion at the Port of Terrebonne. Performance Energy Services currently leases over 7 acres at the Port of Terrebonne and uses the facility as its topside deck and marine repair yard. Over two years, the company will use EDAP funds to develop an additional 5 acres at the Port of Terrebonne, which will include dredging, bulkheading and soil stabilization. This expansion will create at least 350 new, permanent jobs, with an average annual salary of $65,000 per year. In addition, the company will retain 800 jobs as part of this expansion. Performance Energy Services also continues to work with the Louisiana Department of Transportation Division under the Port Priority program to receive up to $10.0 million in funding for the construction of a 250 foot long, 4,500 ton dry dock. This project is part of the $26.0 million total project at the Port of Terrebonne. "This investment by Performance Energy is a welcome addition to Terrebonne Parish's economy, promising to create more employment opportunities and growth for local residents," said Mike Voisin, TEDA's board chairman. "We appreciate the opportunity to work with Performance to enhance its operations through this state program, as it helps fulfill TEDA's mission to serve the business community." "In 2000, my partners and I chose to locate in Houma, Louisiana for several reasons. The main reason was the wonderful, hardworking residents of Terrebonne and surrounding parishes. We could not accomplish what we do today without the dedication and work ethic of our employees. Another reason is access to the oil and gas industry. Houma is located right in the middle of what is going on in the oil and gas industry and gives you access to it all via the Houma Navigation Canal," said Ricky LaGrange, CEO of Performance Energy Services. "We are proud to have the state of Louisiana partner up with us in Houma for our most recent expansion project, Performance Dry Dock. We have worked on this project with many local and state officials and are very pleased to see all of the hard work result in a positive change in Louisiana, creating more jobs and helping the local and state economy. We could not imagine a time in which Performance Energy Services would not want to call Terrebonne Parish home." The outlook for 2009 continues to look positive for Performance Energy Services. Early last week, the management team of Performance Energy Services traveled abroad to execute an $8.4 million contract with a major international oil company. This project will consist of refurbishing two jetties and installing new marine bumpers. Over the course of the next 12 months, Performance Energy Services expects to execute and complete multiple contracts with this international oil company with an estimated value of $25.0 million. Most of the onshore fabrication for these projects will occur at the Houma facility at 250 North American Court.