High oil prices have boosted sales at Vetco, helping it to win new business from customers that include Exxon Mobil, BP and Statoil. The London company makes drilling and production equipment for oil rigs, as well as building and maintaining rigs. It also designs and manages the installation of subsea production systems. Vetco was formed in 2004 through a buyout of a division of the Swiss-Swedish engineering firm ABB backed by Candover, 3i, JP Morgan Partners, NIB Capital and management. The company, which is led by chief executive Peter Goode, achieved sales of £1,368m in 2005.
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