HOUSTON, Jan. 13, 2011 /PRNewswire/ -- Cameron (NYSE: CAM) has received an order from Petrobras for 27 subsea trees and related equipment, worth approximately $74 million, for use in their developments offshore Brazil.
The order represents the remaining trees under a 138-tree frame agreement announced in September 2009. Cameron received a purchase order for the initial 111 trees and associated equipment at the time the frame agreement was signed. Deliveries of the trees are scheduled to begin during 2011 and continue over a four-year period.
Cameron President and Chief Executive Officer Jack B. Moore said, "We are pleased to have the opportunity to build on our history as a primary supplier of equipment and services in the Brazilian market, and we look forward to continuing our support of Petrobras' developments and our ongoing investment in Brazil." Moore noted that the trees included in this latest order incorporate enhanced drill-through capability that will provide significant cost and time savings in the drilling and completion process.
Cameron (NYSE: CAM) is a leading provider of flow equipment products, systems and services to worldwide oil, gas and process industries.
In addition to the historical data contained herein, this document includes forward-looking statements regarding future revenues of the Company resulting from this contract made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company's actual results may differ from those described in forward-looking statements. These statements are based on current expectations of the Company's performance and are subject to a variety of factors, some of which are not under the control of the Company. Such factors include the Company's ability to successfully manufacture and deliver, and Petrobras' acceptance of, the subsea systems ordered.
Because the information herein is based solely on data currently available, it is subject to change as a result of changes in conditions over which the Company has no control or influence, and should not therefore be viewed as assurance regarding the Company's future performance. Additionally, the Company is not obligated to make public indication of such changes unless required under applicable disclosure rules and regulations.