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.