Cooper Cameron Awarded Contract for Kizomba A Project

The Cameron division of Cooper Cameron Corporation has been awarded a contract totaling approximately $100 million for subsea equipment to be installed offshore West Africa by an Exxon Mobil Corporation subsidiary. Cameron will provide subsea trees, control systems, manifolds and related services for Esso Exploration Angola (Block 15) Limited's Kizomba A project offshore Angola. Initial equipment delivery and installation is slated to begin in late 2002. Cooper Cameron Chairman, President and Chief Executive Officer Sheldon R. Erikson said, "We are pleased to have the opportunity to work with ExxonMobil in developing the Kizomba project." Erikson noted that Cameron's role includes providing systems engineering and project management, along with modular subsea Christmas trees (SpoolTrees(TM)), CAMTROL(TM) production controls systems, manifolds and flowline connection systems. The installation will require approximately 23 subsea trees and related equipment.

Erikson noted that this is the second significant project awarded by ExxonMobil to Cameron. "The $45 million order we announced in connection with our first quarter earnings release was for an Early Production System (EPS) to be installed in an ExxonMobil development offshore West Africa," he said. Cameron's scope of supply for that contract is similar to the one announced today.

Erikson also noted that Cameron's participation in the West Africa region now includes these ExxonMobil projects; the initial phase of Triton Energy Limited's Ceiba project in Equatorial Guinea, as well as an additional $16 million order from Triton for another development phase; and a $4 million offshore project for Angola Drilling Company (ADC). "Several additional large-scale subsea project developments offshore West Africa are still to be awarded," Erikson said. "We welcome the opportunity to demonstrate our ability to assist operators in developing these significant energy resources, and we look forward to extending Cameron's successes in this increasingly important supply region, as well as expanding our local support infrastructure to provide life-of-field support in the area."