- Associated Press - Wednesday, May 20, 2015

LAFAYETTE, La. (AP) - Frank’s International is laying off 150 of its employees in Lafayette, part of the company’s global effort to trim its workforce by 400 to 600 workers.

According to local media reports, the layoffs are coming at the company’s Lafayette complex near U.S. Highway 90. Employees were informed Tuesday.

Frank’s announced March 31 it would pare its employee numbers, a business decision that came after worldwide demand for its oil field tubular services and rentals fell.

The layoffs are a reaction to slackened demand after the price of oil started collapsing last summer.

The layoffs also come in the wake of Frank’s purchase of Timco Services Inc., a Lafayette-based competitor of Frank’s.

Frank’s is a worldwide oil and gas services company. It was founded in 1938.

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