3rd Nov 2015 14:32
LONDON (Alliance News) - John Wood Group PLC Tuesday said it has been awarded a contract by Fairway Energy Partners LLC to provide engineering, design and procurement services to Fairway's Pierce Junction crude oil storage facility which will be built in southern Houston in the US.
Its subsidiary, Wood Group Mustang, will deliver the services and will start by providing these services to Fairway as they build out the surface facilities that support the crude oil storage facility, it said.
The initial phase of the project has been designed to allow for storage of three segregations of crude oil, for a total capacity of approximately 10.0 million barrels, in existing caverns at the site. Overall, Fairway is targeting to expand the facility to 20.0 million barrels.
"Wood Group Mustang's solution starts with a proven design that is modified to meet Fairway's needs. By leveraging similar designs we're able to provide an accelerated, cost-effective project that will help Fairway to meet its year-end 2016 in-service schedule for this underground storage facility," stated Michele McNichol, chief executive of Wood Group Mustang.
John Wood Group shares were up 1.9% to 602.0 pence per share on Tuesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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