HOUSTON, Jan. 13, 2011 /PRNewswire/ -- Cameron (NYSE: CAM)
has received an order from Petrobras for 27 subsea trees and
related equipment, worth approximately $74
million, for use in their developments offshore Brazil.
The order represents the remaining trees under a 138-tree frame
agreement announced in September
2009. Cameron received a purchase order for the
initial 111 trees and associated equipment at the time the frame
agreement was signed. Deliveries of the trees are scheduled
to begin during 2011 and continue over a four-year period.
Cameron President and Chief
Executive Officer Jack B. Moore
said, "We are pleased to have the opportunity to build on our
history as a primary supplier of equipment and services in the
Brazilian market, and we look forward to continuing our support of
Petrobras' developments and our ongoing investment in Brazil." Moore noted that the trees
included in this latest order incorporate enhanced drill-through
capability that will provide significant cost and time savings in
the drilling and completion process.
Cameron (NYSE: CAM) is a leading provider of flow equipment
products, systems and services to worldwide oil, gas and process
industries.
Website: 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.
SOURCE Cameron