Schlumberger Ld. Cameron and Schlumberger Form Subsea Joint Venture
November 15 2012 - 7:05AM
UK Regulatory
TIDMSCL
Cameron and Schlumberger today announced the creation of
OneSubseatm, a joint venture to manufacture and develop products,
systems and services for the subsea oil and gas market. This new
company will 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, with its
long history of innovation and firsts in the subsea market, is an
industry leader in design capability, manufacturing excellence and
successful installations. Schlumberger brings a deep understanding
of the reservoir, and industry-leading well completions, subsea
processing and integration platform.
Under the terms of the formation agreement, Cameron will
contribute its existing subsea division and receive $600 million
from Schlumberger. Schlumberger will contribute its Framo,
Surveillance, Flow Assurance and Power and Controls businesses.
Cameron will manage the joint venture and will consolidate it for
financial reporting purposes. Cameron will reflect minority
interest in its financial statements for Schlumberger's interest in
the JV.
Cameron Chairman, President and CEO, Jack B. Moore said, "Our
new venture with Schlumberger provides a powerful marriage of their
oilfield services technology and our subsea equipment heritage. It
leverages Cameron's flow control expertise, world class
manufacturing and aftermarket capabilities."
Schlumberger CEO Paal Kibsgaard commented, "This new joint
venture, which combines the forces of two world-class companies, is
uniquely positioned to optimize complete subsea production systems
and help our customers improve production and recovery from their
subsea developments. The broad scientific and technology platform
that Schlumberger brings will enable a total system approach,
leading to a unique and differentiated offering in this rapidly
growing market."
A key priority of the joint venture will be strengthening
research and engineering investment, including complementary
projects with the parent companies, towards the integration of the
complete subsea production system from pore space to the export
point, in order to unlock reservoir potential from our customer's
subsea developments.
Credit Suisse acted as financial advisor to Cameron. Goldman,
Sachs & Co. acted as financial advisor to Schlumberger.
About Cameron
Cameron is a leading provider of flow equipment products,
systems and services to worldwide oil, gas and process industries.
For more information, visit www.c-a-m.com.
About Schlumberger
Schlumberger is the world's leading supplier of technology,
integrated project management and information solutions to
customers working in the oil and gas industry worldwide. Employing
approximately 115,000 people representing over 140 nationalities
and working in approximately 85 countries, Schlumberger provides
the industry's widest range of products and services from
exploration through production.
Schlumberger Limited has principal offices in Paris, Houston and
The Hague and reported revenues from continuing operations of
$36.96 billion in 2011. For more information, visit
www.slb.com.
This document includes forward-looking statements regarding the
joint venture and the companies, made in reliance upon the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. The joint venture and companies' actual results may differ
materially from those described in forward-looking statements. Such
statements are based on current expectations of the joint venture
and companies' performance and are subject to a variety of factors,
some of which are not under the control of the joint venture and
companies, which can affect the joint venture and companies'
results of operations, liquidity or financial condition.
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 joint venture and companies have no
control or influence, and should not therefore be viewed as
assurance regarding the joint venture and companies' future
performance. Additionally, the joint venture and companies are not
obligated to make public indication of such changes unless required
under applicable disclosure rules and regulations.
InvestorsCameron International CorporationJeff Altamari, +1
713-513-3344Vice President, Investor
Relationsjeff.altamari@c-a-m.comorSchlumberger LimitedMalcolm
Theobald, +1 713-375-3535Vice President of Investor
Relationsinvestor-relations@slb.comorMediaCameron International
CorporationSharon Sloan, +1 713-939-2706Marketing Communications
ManagerSharon.Sloan@c-a-m.comorSchlumberger LimitedJoao Felix, + 1
713-375-3494Director of Corporate Communicationsjpfelix@slb.com
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