Cameron Wins $190 Million Contract for Services Offshore Venezuela

Cameron has been awarded a contract worth more than $190 million to provide subsea equipment and services to Petroleos De Venezuela S. A. (PDVSA), the Venezuelan national oil company.

Under the contract, which consists of three packages, Cameron will provide ten subsea Christmas trees, wellheads, associated production control systems, in-field jumpers and flowline connection systems, along with engineering and project management services, for PDVSA's Dragon and Patao natural gas development projects. Initial equipment delivery and installation is slated to begin in the first quarter of 2008, with additional deliveries of subsea trees and associated equipment to continue through 2009.

These two fields are part of the development plan for PDVSA's Mariscal Sucre Project, which involves the exploitation of four large natural gas fields offshore Venezuela.

Cameron Chairman and Chief Executive Officer Sheldon R. Erikson said, "Cameron has been a long-time supplier to PDVSA's operations in onshore regions and in the Lake Maracaibo area, and we are pleased to have been chosen to provide the subsea systems for Venezuela's first subsea field development."