Petrobras Calls On Cameron For More Equipment

By Houston Business Journal

Cameron International Corp. has been asked to supply additional equipment under a previously awarded order from Petrobras.

The new order, for 27 subsea trees and related equipment, is valued at $74 million.

The Houston-based oilfield equipment provider, received the original purchase order in September 2009 for 111 trees and related equipment for Petrobrasâ¿¿ use in their developments offshore Brazil..

Cameron (NYSE: CAM) expects to begin delivery this year and then over the next four years.

In a note to investors Thursday morning, Jefferies & Co. Inc. analysts said they viewed the announcement as a positive for Cameron shares, reiterating a buy rating with a $57 target.

"In the coming quarters, we anticipate Cameron will win additional subsea equipment orders from around the world. Currently, Cameron's subsea business represents roughly 30 percenet of 2011 revenue," the analysts said in their report.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/houston/news/2011/01/13/petrobras-calls-on-cameron-for-more.html?ana=thestreet

Copyright bizjournals.com 2010

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