OIL: Mr. Gus

Some 500 curious oilmen gathered at Bethlehem Steel's Beaumont, Texas shipyard last week for the christening of an odd contraption called "Mr. Gus." Built at a cost of $3,500,000, the rig is a monster (4,000 tons) barge for drilling oil wells in the deep water of the Gulf of Mexico. It can operate in 100 ft. of water (v. 40 ft. for most other rigs), will triple the area that can be explored on the continental shelf off Texas and Louisiana. Mr. Gus was bought by (and named for) C. G. ("Gus") Glasscock,...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!