Cameron Receives Award for 25 Subsea Trees from Petrobras
June 25 2008 - 5:15PM
PR Newswire (US)
HOUSTON, June 25 /PRNewswire-FirstCall/ -- Cameron (NYSE:CAM) has
been awarded a contract worth approximately $100 million to supply
subsea trees to Petrobras for use in their Campos Basin
developments offshore Brazil. Under the contract, Cameron will
provide 25 subsea Christmas trees under Petrobras' standard design,
with the installation to be supported by previously supplied
standard tools and associated equipment. Initial delivery is slated
to begin in the second quarter of 2009, with deliveries under this
agreement to be completed by year-end. Cameron President and Chief
Executive Officer Jack B. Moore said, "We are pleased to continue
in our role as one of Petrobras' primary suppliers of equipment and
systems. One of the essential drivers for this order was our
ability to ensure timely delivery of the equipment, made possible
in part by our recent investment in capacity additions in Brazil, a
key factor in our direct negotiations with Petrobras." Moore noted
that the trees are not currently designated for a specific project,
but will be allocated as needed to developments within the Campos
Basin. "We are also currently producing equipment for Petrobras
under several other orders, and continue to support their efforts
under our aftermarket agreement with them," he said. Cameron
(NYSE:CAM) is a leading provider of flow equipment products,
systems and services to worldwide oil, gas and process industries.
Website: http://www.c-a-m.com/ In addition to the historical data
contained herein, this document includes forward-looking statements
regarding future revenues of the Company resulting from this
contract made in reliance upon the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. The Company's
actual results may differ from those described in forward-looking
statements. These statements are based on current expectations of
the Company's performance and are subject to a variety of factors,
some of which are not under the control of the Company. Such
factors include the Company's ability to successfully manufacture
and deliver, and Petrobras' acceptance of, the subsea systems
ordered. Because the information herein is based solely on data
currently available, it is subject to change as a result of changes
in conditions over which the Company has no control or influence,
and should not therefore be viewed as assurance regarding the
Company's future performance. Additionally, the Company is not
obligated to make public indication of such changes unless required
under applicable disclosure rules and regulations. DATASOURCE:
Cameron CONTACT: R. Scott Amann, Vice President, Investor Relations
of Cameron, +1-713-513-3344 Web site: http://www.c-a-m.com/
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