By Houston Business Journal

Cameron International Corp. shares moved higher after the company said Monday it was tapped for its first major subsea project in China.

The Houston-based oil and gas equipment company described the award as a ⿿multi-million dollar⿝ deal to provide subsea production systems for a deepwater and offshore gas processing and pipeline project in the South China Sea. The customer was not disclosed.

Cameron (NYSE: CAM) expects to begin making deliveries in late 2011 and continue through 2012.

Jeffries & Co. analysts Stephen Gengaro and David Duong reported that the companyâ¿¿s shares should react well to the news.

Cameron shares traded as high as $51.95 in early trading Monday, up 3.3 percent from the $50.28 close on Jan. 21.

Gengaro and Duong said that ⿿today⿿s $200 million-plus CAM subsea award is certainly a plus as investors have been worried about subsea awards.⿝

Copyright 2011 American City Business Journals

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