HOUSTON, Jan. 24, 2011 /PRNewswire/ -- Cameron (NYSE: CAM) has received an order for the supply of subsea production systems for a deepwater and offshore gas processing and pipeline project in the South China Sea. The project will include subsea equipment, as well as an agreement to provide additional services across the life of the field. Deliveries are scheduled to begin in late 2011 and continue through 2012.
Cameron President and Chief Executive Officer Jack B. Moore said, "At water depths of nearly 5,000 feet, this represents the deepest prospect to date in the Asia-Pacific region. We are pleased to have the opportunity to provide Cameron's equipment and technology in support of this important development. This is the first major subsea project in China for Cameron, and it represents a significant market opportunity."
Moore noted that in conjunction with the award, Cameron will construct a new aftermarket facility in China to provide CAMSERV(TM) aftermarket services for this and future projects in the region.
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 the amount and timing of 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 possibility of cancellation of all or a portion of the order and the Company's ability to successfully manufacture and deliver 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.