The Port of Iberia is in the final steps of signing a 10 year lease agreement with multiple 10 year options with a world-class drilling contractor to establish a shorebase for the western hemisphere part of their worldwide operations. The Port has secured $4.4 Million dollars to enhance the existing buildings and land in order to set up the shorebase. This shorebase will maintain an inventory of parts and components for drill ships across the world. According to Port Executive Director Craig Romero, the first step to getting this world-class drilling company to consider the Port was to establish a “Foreign Trade Zone” which the Iberia Parish School Board and Iberia Parish Council approved unanimously. This company operates over 50 drill ships, primarily overseas, and spends $1 Billion a year operating the company which includes a tremendous amount of repairs done in the immediate vicinity of the shorebase. Construction plans have been finalized and will go out for public bids soon.