HOUSTON, Oct. 10, 2011 /PRNewswire/ -- Cameron announced today that it has signed an
agreement with Det Norske for the
supply of subsea production systems for the Jette development
located in blocks 25/7 and 25/8 in the Norwegian sector of the
North Sea.
The scope of supply for this fast track development includes
wellheads, trees, flow bases, electro-hydraulic multiplexed
controls, connections, pipeline end manifolds and other associated
subsea equipment. Deliveries are scheduled to commence in early
2012, and will represent $56 million
in revenue to Cameron.
"Cameron is working in close
alignment with Det Norske in
executing this project. The project is groundbreaking for
Det Norske as it is their first
field development as operator, and for Cameron as it represents our first full subsea
system supply in the Norwegian sector of the North Sea," said
Jack Moore, Chairman and CEO of
Cameron.
Cameron is a leading provider
of flow equipment products, systems and services to worldwide oil,
gas and process industries.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Terms such as "will," "will be," and "are scheduled" and the
like are intended to identify forward-looking statements. The
forward-looking statements in this press release are based on our
current expectations and are made only as of the date of this press
release. We undertake no obligation to update forward-looking
statements to reflect new information. We cannot assure you the
projected results or events will be achieved. Because
forward-looking statements involve risks and uncertainties, they
are subject to change at any time. Such risks and uncertainties,
many of which are beyond our control, include, but are not limited
to overall demand for, and pricing of, the Company's products; the
size and timing of orders; the Company's ability to successfully
execute the large subsea and drilling systems projects it has been
awarded; the possibility of cancellations of orders; changes in the
price of (and demand for) oil and gas in both domestic and
international markets; raw material costs and availability; and
variations in global economic activity. In particular,
current and projected oil and gas prices historically have
generally directly affected customers' spending levels and their
related purchases of the Company's products and services.
Additionally, changes in oil and gas price expectations may
impact the Company's financial results due to changes it may make
in its cost structure, staffing or spending levels.
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.
Website: www.c-a-m.com
SOURCE Cameron