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Cameron International Management Discusses Q2 2012 Results - Earnings Call Transcript

I will review some of the additional comments regarding our business unit performance in Q2. Our Valves & Measurement business had a record quarter across the board in bookings, revenues and profits. The big driver for our bookings -- our record bookings of $550 million came from projects both on onshore infrastructure and deepwater.

Our Engineered and Process Valves business saw another record quarter with a number of sizable project bookings in the North Sea, Australia, U.S. and Canada, and we continue to track a long list of projects that cover both upstream and downstream opportunities, several of which were gazed in the early feed spaces at this time. Given this visibility, we remain very confident of our ability to build on the success we have had in the first half of 2012 well into the second half. And with all of the noise in North America, our Distributed Valves orders saw a sequential decline of just 2% in Q2.

Our measurement business had a record quarter for bookings with strong order flow from our custody transfer products, as well as those focused on midstream developments. And while we expect to see the headwinds in our distributed business, we remain very bullish on the overall Valves & Measurement order flows in 2012.

Our Surface Systems business unit had record -- had a record Q2 in both bookings and profitability. Surface Systems booked $438 million in the quarter, up 35% year-over-year and up 8% sequentially. Order activity in Latin America and our Asia-Pacific and Middle East markets are strong. And our North Sea markets, both in Norway and the U.K. sector, continue to expand. Our recent announcement for the supply of wellhead and tree systems for the Rumaila field in Iraq would generate over $100 million in revenues over the next several years, and our decision back in 2011 to build a comprehensive service and aftermarket support base in Iraq has won us a lot of support with the majority of the operators there. As for North America, investment in high-pressure frac tree and manifold systems is paying off, which is allowing us to build share. We continue to win over customers with the quality and reliability of these systems. And even more impressive, it has allowed Cameron to broaden its footprint and our customers' well-side by adding Valves & Measurement, Process & Compression technologies as a Cameron enterprise. This packaged solution is providing customers with more safe and cost-effective operations.

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