SHREVEPORT, La. (KTAL/KMSS) – Shreveport Mayor Adrian Perkins and other city leaders celebrated a company making a $400 million investment in the oil and gas industry in Shreveport on Tuesday.

Liberty Oilfield Services marked the opening of its new facility on Valley View Drive with a ribbon-cutting. The investment comes after the hydraulic fracking and engineering company closed on a deal last week to take over Schlumberger’s fracking operations in exchange for a 37% interest in Liberty.

CEO Christopher Wright and other owners traveled from different parts of the country to celebrate their new location.

“This is so big for our community I’m super excited. After watching what happened to our economy last year, how hard oil and gas was hit, especially in our region, this is welcomed news for the Shreveport community,” said Mayor Perkins.

Perkins said there are tens of thousands of people in the region who depend on the oil and gas industry for their livelihood and hopes to see more industries invest in the area.