Cameron has entered into a frame agreement with Petrobras, expected to be worth approximately $500 million, for the supply of subsea trees and related running tools to Petrobras for use in their developments offshore Brazil.
Under the agreement, Cameron will provide 138 subsea Christmas trees, with the installation to be supported by 18 sets of running tools that are also part of the scope of supply. Initial delivery is slated to begin in 2011, with deliveries to continue for four years.
As a part of this agreement, Cameron has also received a purchase order contract for the first 111 subsea trees. Deliveries under this initial order are to begin in the first quarter of 2011 and continue until the first quarter of 2014.
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 receipt of the purchase order will result in Cameron's Subsea Systems group recording the value of the initial trees and related equipment in the Company's third quarter orders, and including it in the Company's subsea backlog at the end of the quarter.
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