Cameron Inks Chinese Subsea Equipment Deal

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

http://www.bizjournals.com/houston/news/2011/01/24/cameron-inks-chinese-subsea-equipment.html?ana=thestreet

Copyright bizjournals.com 2010

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