Cameron Awarded Subsea Systems Supply Contract From CNOOC For "Panyu 35-1/2"
Development, Offshore China
HOUSTON, June 4, 2012
HOUSTON, June 4, 2012 /PRNewswire/ -- Cameron (NYSE: CAM) has signed an
agreement with CNOOC for the supply of subsea production systems in support of
the "Panyu 35-1/2" deepwater gas field developments in the South China Sea.
The contract is valued at approximately $100 million and the scope of supply
includes six subsea production trees, production controls, one manifold,
associated subsea equipment, rental tooling and service support. Deliveries
are scheduled to commence in 2013.
This is Cameron's second award in the China region, Liwan 3-1 being the
first. "This award further cements Cameron's strategy to take a leading
position in China," stated Jack B. Moore, Cameron Chairman, President and
Chief Executive Officer. "This project will be supported by our new CAMSERV™
Aftermarket facility in Shekou, China."
Cameron is a leading provider of flow equipment products, systems and services
to worldwide oil, gas and process industries.
In addition to the historical data contained herein, this document includes
forward-looking statements regarding future the amount and timing of revenues
of the Company resulting from this contract made in reliance upon the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
The Company's actual results may differ from those described in
forward-looking statements. These statements are based on current
expectations of the Company's performance and are subject to a variety of
factors, some of which are not under the control of the Company. Such factors
include the Company's ability to successfully manufacture and deliver, and the
customer's acceptance of the subsea equipment ordered, or cancellation of some
or all of the order.
Because the information herein is based solely on data currently available, it
is subject to change as a result of changes in conditions over which the
Company has no control or influence, and should not therefore be viewed as
assurance regarding the Company's future performance. Additionally, the
Company is not obligated to make public indication of such changes unless
required under applicable disclosure rules and regulations.
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