I believe QQ to be a legitimate company but the mystery overseas contract does remind me of the Ferranti and ISC debacle. Th statement was far from clear.
Wood falls into the category of world class UK companies which have a great future but are highly borrowed. Shareholders would be well served by a £500 million rights issue to address this, failing which a takeover while its end markets are difficult seems highly likely.
If the flow had stabilised or there were a good flow of clean oil and they were waiting longer for it to stabilise, why would they not say so? Share price is really an option on, albeit unexpected, good news.