Cameron, FMC Ink Deals With Statoil

By Houston Business Journal

Two Houston companies have inked contracts with Norwegian exploration and production company Statoil ASA.

Houston-based Cameron International Corp. (NYSE: CAM) on Thursday said it received a seven-year, $90 million contract to supply high temperature, high pressure surface wellhead Christmas trees for the companyâ¿¿s Norwegian Gudrun platform.

Shortly afterward, Jefferies & Co. analysts put a ⿿buy⿝ rating on Cameron, with a $57 per share price target. Shares of Cameron were trading at $50.03 per share Thursday morning.

Also, Houston-based FMC Technologies Inc. (NYSE: FTI) said this week it had signed a $54 million contract to manufacture subsea production equipment to support Statiolâ¿¿s Gygrid offshore development in the North Sea.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/houston/news/2011/01/20/cameron-fmc-ink-deals-with-statoil.html?ana=thestreet

Copyright bizjournals.com 2010

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