Total Instrument and Electrical Services, a Houma-based small business, filed for Chapter 7 bankruptcy despite federal government support during the coronavirus pandemic.
Total Instrument and Electrical Services was founded in 1999. Its customers include Chevron, BP, Shell and other companies in the energy sector, according to its website. The company did not respond to requests for comment.
The company, which has worked on oil rigs and power plants, once aspired to expand its operations by opening an office in Midland, Texas, according to its senior executive’s LinkedIn profile. It specializes in the design, engineering and manufacture of liquid and gas meters. He had total assets of $2.2 million, but liabilities of $3 million at the end of December, according to bankruptcy records.
In 2018, its annual gross revenue was $5.4 million, but fell to $2.5 million in 2019. This year, the company only generated $677,961 in revenue, according to bankruptcy documents. A meeting of creditors is scheduled for the end of January.
The company was approved for a $326,000 loan from the federal Paycheck Protection Program to support at least half a dozen jobs this year and took out a $150,000 US Small Business Administration Disaster loan.
Several oil and gas service companies in the region filed for bankruptcy this year as the price of oil fell and demand for gasoline and jet fuel evaporated due to restrictions aimed at curbing the spread of the pandemic. of coronavirus.