One of the largest privately held companies in the Acadiana region is feeling the pain of low oil prices.
Fenstermaker & Associates confirmed to ABiz Thursday afternoon that 20 employees were laid off this week company-wide, with 10 of those cuts hitting the Lafayette office at 135 Regency Square. The remaining job losses are spread out among the company’s Shreveport, Baton Rouge, New Orleans, Lake Charles and Houston offices.
Fenstermaker offers surveying/mapping, engineering, environmental and advanced technology services to a variety of industries, but the drastic drop in oil pricing to the $30 per barrel range, with some experts predicting it will fall further, has led to a slowdown in business, Fenstermaker spokeswoman Sherie Burton tells ABiz. “Everybody’s feeling it right now,” she says. “We’re a diverse company, so we’re not as affected as some.”
Additionally, an undisclosed number of employees are taking home less pay because their hours were reduced via a furlough program, she confirms.
One worker who lost his job and asked not to be identified tells ABiz he was given a two-week severance package.
It does appear as though the company has been eliminating positions over the past six to eight months. It has 237 employees at this time, Burton says, which is down 22 percent from the 306 it reported employing at mid-year 2015.
[Editor's Note: This story has been clarified to reflect that Fenstermaker reported employing 306 workers at mid-year 2015.]