The Port of Iberia secured another win for the local economy Monday morning with the signing of a 10-year lease from Global Riser LLC.

The global manufacturing company based in South Africa, signed a 10-year lease at the Port of Iberia at the site of the former Frank’s International. The site will be used to service and maintain drilling risers for major drilling companies throughout the world.

The site is also being established as a Foreign Trade Zone due to much of the equipment coming in or being shipped to foreign countries.

“Seeing a worldwide operation like this come here, ‘we’re so impressed by having them locate here,” Port Director Craig Romero said during the signing.

Managing director for Riser, Jason Fowkes, said the company is hoping to have the new location fully operational in six to eight months, and although he didn’t have an exact number for the number of local jobs that will be generated by Riser, he expects a boon to the local economy.

“We have very big plans for this facility for manufacturing,” Fowkes said. “We already have some large orders coming. For our commercial aspect, it brings a whole new revenue stream.”

Romero also suggested local training that could be conducted by South Louisiana Community College for Riser’s needs in the job market, which Fowkes said could be a possibility.

Riser will be located on a 110 tract of land at the Port of Iberia that will also be used for storage and filling orders.