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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV