Subsea J/V Launched by Cameron & Schlumberger
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 Multi-Million Dollar Award for Subsea Systems
Cameron (NYSE: CAM) has received an order for the supply of subsea production systems for a deepwater and offshore gas processing and pipeline project in the South China Sea. The project will include subsea equipment, as well as an agreement to provide additional services across the life of the field. Deliveries are scheduled to begin in late 2011 and continue through 2012. Cameron President and Chief Executive Officer Jack B. Moore said, "At water depths of nearly 5,000 feet, this represents the deepest prospect to date in the Asia-Pacific region. We are pleased to have the opportunity to provide Cameron's equipment and technology in support of this important development.
