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Phase II Starts on Chevron's Tahiti, Cameron Catches Subsea Contract

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Cameron has received an order worth approximately $83 million for the supply of subsea production systems for Phase II of Chevron's Tahiti subsea development in the Gulf of Mexico. The project includes eight 15,000-psi subsea trees, production control systems, connection systems, engineering and project management services and related equipment. Deliveries are scheduled to begin in the fourth quarter of 2009 and to continue through 2012.

Cameron President and Chief Executive Officer Jack B. Moore said, "We welcome the opportunity to continue our support of the Tahiti development as part of our ongoing Advanced Supplier Relationship with Chevron."

Tahiti

Believed to be one of the Gulf of Mexico's biggest discoveries, the Tahiti field is located in Green Canyon Blocks 596 and 640, approximately 190 miles southwest of New Orleans in 4,000 feet of water. The Tahiti field is estimated to hold 400-500 MMbbl at more than 20,000 feet (6,096 meters) below the seabed.

The field is being developed by (operator) Chevron with 58%, Total with 17% and StatoilHydro with 25%. To develop the field and construct the facility, it cost Chevron $3.5 billion.

In 2003, Tahiti's appraisal drilling resulted in one of the most significant net pay accumulations in the history of the Gulf of Mexico with one well encountering more than 1,000 feet of net pay in high-quality sandstone. The two-well appraisal program also confirmed that the reservoir in Tahiti spreads across three miles. The appraisal wells were drilled simultaneously using two rigs, the GSF Explorer and the Transocean Discoverer Deep Seas, each drilling a vertical well with a sidetrack in more than 4,000 feet of water.

Field Development

The Tahiti field is being developed from two subsea drill centers producing to a floating production facility supported by a truss spar. The first phase of development began in August 2005 at a cost of more than $1.8 billion.

The Tahiti floating production truss spar is located on Green Canyon Block 641, approximately 190 miles southwest of New Orleans. It has the capacity to produce 125,000 bopd and 70 MMcf/d of gas and treat 120,000 bwpd of produced water. The platform has oil and gas processing equipment but does not have a drilling rig or surface wellheads.

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