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.