Subsea J/V Launched by Cameron & Schlumberger

Press Release
Sunday, November 18, 2012

The joint venture company, OneSubsea, is to manufacture and develop products, systems and services for the subsea oil and gas market.

This new company intends to offer a step change in reservoir recovery for the subsea oil and gas industry through integration and optimization of the entire production system over the life of the field. The integration of the production system will be accomplished by combining superior reservoir knowledge and wellbore technologies, with industry leading subsea technologies, all together delivering enhanced productivity, reliability and integrity.

Cameron and Schlumberger have 60/40 ownership of the joint venture, respectively, and the transaction is subject to regulatory approvals and other customary closing conditions. Cameron, with its long history of innovation and firsts in the subsea market, is an industry leader in design capability, manufacturing excellence and successful installations. Schlumberger brings a deep understanding of the reservoir, and industry-leading well completions, subsea processing and integration platform.

Under the terms of the formation agreement, Cameron will contribute its existing subsea division and receive $600 million from Schlumberger. Schlumberger will contribute its Framo, Surveillance, Flow Assurance and Power and Controls businesses. Cameron will manage the joint venture and will consolidate it for financial reporting purposes. Cameron will reflect minority interest in its financial statements for Schlumberger’s interest in the JV.

Cameron Chairman, President and CEO, Jack B. Moore said, “Our new venture with Schlumberger provides a powerful marriage of their oilfield services technology and our subsea equipment heritage. It leverages Cameron’s flow control expertise, world class manufacturing and aftermarket capabilities.”

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Skandi Paraty Delivered and On-hire

Skandi Paraty, owned by Norskan Offshore Ltda, has been delivered from the yard and went on-hire on a four years contract with Petrobras.   Skandi Paraty is an AHTS,

Diana Containerships, MSC Enter Time Charter Deal

Diana Containerships Inc. announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with MSC-Mediterranean Shipping Co.

Baltic Dry Bulk Index Dips on Weak Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued to dip on Wednesday due to sluggish demand across vessel segments.

Offshore

Skandi Paraty Delivered and On-hire

Skandi Paraty, owned by Norskan Offshore Ltda, has been delivered from the yard and went on-hire on a four years contract with Petrobras.   Skandi Paraty is an AHTS,

ABB Transformers for the Most Powerful Wind Turbines

ABB will deploy 40 special transformers to equip wind turbines for an offshore wind farm in the Irish Sea. The MHI Vestas Offshore Wind turbines are 195 m (640

Two ODCs Loaded at Hamburg Port

On 25 April, two Over-Dimensional-Cargos (ODC) tanks manufactured by Chart Ferox were loaded by Wallmann & Co., the long-established Hamburg company specializing in handling heavy lift cargoes.

Subsea Defense

BAE Systems Bags USN Award for Submarine Propulsors

BAE Systems has received a $72 million contract from the U.S. Navy to produce and deliver propulsor systems for Block IV Virginia-class (SSN 774) submarines. The

US Tests World's Largest Unmanned Sub Hunter

The US military is beginning testing on the world's largest unmanned ship - a self-driving 40-metre vessel designed to travel thousands of kilometres out at sea without a single crew member on board.

French PM: Aussie Subs to be built in Australia

French Prime Minister Manuel Valls said on Monday he was committed to building all of a new Australian submarine fleet in Australia, apparently contradicting the

Subsea Salvage

Highest-Pull Wireline Conveyance System from Schlumberger

Schlumberger announced today the launch of the MaxPull high-pull wireline conveyance system that can pull from 18,000 lbf to 30,000 lbf in wells 40,000 ft [12,192 m] deep or more.

Cyberhawk Sinks Claws into US O&G Market

Cyberhawk Innovations, the world leader in aerial inspection and survey using Unmanned Aerial Vehicles (UAV), is set to boost its international credentials with

Indian Sub Kalvari Undergoes Sea Trials

‘Kalvari’ (Tiger Shark), the first of the Scorpene-class submarines, went to sea for the first time on Sunday marking the commencement of sea trials.    The

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0845 sec (12 req/sec)