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.
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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.
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