Target Logistics, an international provider of workforce housing, announced on Monday that it has renewed major contracts with two global oilfield service companies.
A recent press release states that the Woodlands, Texas-based company renewed contracts totaling roughly $50 million. Target Logistics, which has been offering housing services in the Bakken formation since 2010, will continue to provide workforce housing to these clients for the next three years. Currently, the company is not able to disclose the names of the companies that renewed contracts.
President and Chief Operating Officer Brad Archer said, “Extending these relationships are especially significant wins given the downturn in oil prices. Listening to and understanding our customer’s needs, coupled with creative thinking, were the main factors for these contracts being renewed in a mutually beneficial manner.”
Target Logistics operates 19 properties spread across the United State and Canada, offering more than 8,000 total beds. Archer also commented, “Our commitment is to deliver a best-in-class guest experience – while changing the way industry perceives workforce accommodations. Many employers don’t consider the value in the ‘other 12 hours’ when their workforce is off the clock. Target Logistics has demonstrated that our solution provides a substantial return on investment by increasing productivity, enhancing morale, reducing turnover and improving safety.”