Cameron and Schlumberger Complete Subsea JV

Cameron and Schlumberger today announced that OneSubsea, a joint venture to manufacture and develop products, systems and services for the subsea oil and gas market, has received all required regulatory approvals.  The parties will close the transaction making OneSubsea operational on June 30, 2013.

Cameron and Schlumberger have 60/40 ownership of the joint venture, respectively. 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. Through the integration of these strengths, OneSubsea will offer best-in-class subsea solutions for its customers.

Cameron Chairman, President and CEO, Jack B. Moore said, “This is an exciting time for Cameron as we now have the opportunity to further expand our subsea business through OneSubsea. Our near term focus is on the execution of plans that have been laid out in recent months while continuing to deliver the highest levels of quality and safety in our product and service offerings.”

Schlumberger CEO Paal Kibsgaard commented, “We are extremely pleased to complete the OneSubsea joint venture with Cameron. We are now uniquely positioned to optimize complete subsea production systems and help our customers improve production and recovery from their subsea developments."