BP To Work On New Cap As It Continues To Hook Up Third Vessel

9th Jul 2010 23:18

DOW JONES NEWSWIRES BP PLC (BP, BP.LN) told the U.S. Coast Guard late Friday that it would start work on a new containment Saturday instead of waiting until it has hooked up a third vessel to handle oil recovered from its leaking deepwater well in the Gulf of Mexico. In a letter to Ret. Coast Guard Adm. Thad Allen, BP projected it could finish the new-cap operation in five days if is doesn't encounter any unexpected hurdles. Its contingency plan puts the finish time nine days from now. The accelerated plan is designed to take advantage of an eight-day window of favorable weather. Removal of the cap in place now before a third collection vessel is brought into full operation would mean significantly more oil would gush into the Gulf as work on the new containment system progresses BP also said the third oil-collecting vessel, known as the Helix Producer, could start up by Sunday. It should roughly double the site's capacity to capture oil to about 53,000 barrels a day. BP's American depositary shares were up 0.2% at $34.12 after hours. The stock has lost about 43% of its value since the oil leak began. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; [email protected] (END) Dow Jones Newswires July 09, 2010 18:18 ET (22:18 GMT)