Wood Group bags Gulf of Mexico deep water contract
Mustang, a company owned by FTSE 250 engineering firm Wood Group, has won a contract for a deep water production facility in the Gulf of Mexico.
Mustang, a company owned by FTSE 250 engineering firm Wood Group, has won a contract for a deep water production facility in the Gulf of Mexico.
The customer, US outfit Anadarko Petroleum, expects the site to produce 80,000 barrels of oil per day and 450 million standard cubic feet of gas per day.
The project, in the so-called "Lucius field", is located in 7,100 feet of water.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Detailed engineering is scheduled to be completed in the third quarter of 2012 and first production is expected in 2014.
Shares in Wood Group, also known as John Wood Group, have risen 15% this year. Over the last five years the firm is up 157%.
Anadarko Petroleum was one of the companies involved in the ill-fated Macondo well in the Gulf of Mexico last year. The company paid UK integrated oil giant BP $4bn in cash to settle its share of liabilities from the Macondo disaster.
BS
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Which investment trusts could benefit from lower interest rates?
As vehicles for long-term investments, many investment trusts were hit when interest rates rose in 2022. With interest rates expected to fall by the end of the year, could now be the time to invest in one of these unloved sectors?
-
How to protect your personal and financial data from cyber attacks
M&S and the Co-op are the latest retailers to suffer from cyber hacks but consumers also need to be vigilant