Cameron and Schlumberger Form Subsea Joint Venture

  Cameron and Schlumberger Form Subsea Joint Venture

             OneSubsea targets subsea oil production and recovery

Business Wire

HOUSTON -- November 15, 2012

Cameron and Schlumberger today announced the creation of OneSubsea™, a joint
venture to manufacture and develop products, systems and services for the
subsea oil and gas market. This new company will offer a step change in
reservoir recovery for the subsea oil and gas industry through integration and
optimization of the entire production system over the life of the field. The
integration of the production system will be accomplished by combining
superior reservoir knowledge and wellbore technologies, with industry leading
subsea technologies, all together delivering enhanced productivity,
reliability and integrity.

Cameron and Schlumberger have 60/40 ownership of the joint venture,
respectively, and the transaction is subject to regulatory approvals and other
customary closing conditions. 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.

Under the terms of the formation agreement, Cameron will contribute its
existing subsea division and receive $600 million from Schlumberger.
Schlumberger will contribute its Framo, Surveillance, Flow Assurance and Power
and Controls businesses. Cameron will manage the joint venture and will
consolidate it for financial reporting purposes. Cameron will reflect minority
interest in its financial statements for Schlumberger’s interest in the JV.

Cameron Chairman, President and CEO, Jack B. Moore said, “Our new venture with
Schlumberger provides a powerful marriage of their oilfield services
technology and our subsea equipment heritage. It leverages Cameron’s flow
control expertise, world class manufacturing and aftermarket capabilities.”

Schlumberger CEO Paal Kibsgaard commented, “This new joint venture, which
combines the forces of two world-class companies, is uniquely positioned to
optimize complete subsea production systems and help our customers improve
production and recovery from their subsea developments. The broad scientific
and technology platform that Schlumberger brings will enable a total system
approach, leading to a unique and differentiated offering in this rapidly
growing market.”

A key priority of the joint venture will be strengthening research and
engineering investment, including complementary projects with the parent
companies, towards the integration of the complete subsea production system
from pore space to the export point, in order to unlock reservoir potential
from our customer’s subsea developments.

Credit Suisse acted as financial advisor to Cameron. Goldman, Sachs & Co.
acted as financial advisor to Schlumberger.

About Cameron

Cameron is a leading provider of flow equipment products, systems and services
to worldwide oil, gas and process industries. For more information, visit
www.c-a-m.com.

About Schlumberger

Schlumberger is the world's leading supplier of technology, integrated project
management and information solutions to customers working in the oil and gas
industry worldwide. Employing approximately 115,000 people representing over
140 nationalities and working in approximately 85 countries, Schlumberger
provides the industry's widest range of products and services from exploration
through production.

Schlumberger Limited has principal offices in Paris, Houston and The Hague and
reported revenues from continuing operations of $36.96 billion in 2011. For
more information, visit www.slb.com.

This document includes forward-looking statements regarding the joint venture
and the companies, made in reliance upon the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. The joint venture and
companies’ actual results may differ materially from those described in
forward-looking statements. Such statements are based on current expectations
of the joint venture and companies’ performance and are subject to a variety
of factors, some of which are not under the control of the joint venture and
companies, which can affect the joint venture and companies’ results of
operations, liquidity or financial condition.

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 joint
venture and companies have no control or influence, and should not therefore
be viewed as assurance regarding the joint venture and companies’ future
performance. Additionally, the joint venture and companies are not obligated
to make public indication of such changes unless required under applicable
disclosure rules and regulations.

Contact:

Investors
Cameron International Corporation
Jeff Altamari, +1 713-513-3344
Vice President, Investor Relations
jeff.altamari@c-a-m.com
or
Schlumberger Limited
Malcolm Theobald, +1 713-375-3535
Vice President of Investor Relations
investor-relations@slb.com
or
Media
Cameron International Corporation
Sharon Sloan, +1 713-939-2706
Marketing Communications Manager
Sharon.Sloan@c-a-m.com
or
Schlumberger Limited
Joao Felix, + 1 713-375-3494
Director of Corporate Communications
jpfelix@slb.com
 
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