Cameron SubseaCameron and Schlumberger have united under the banner OneSubsea, a new 60/40 joint venture to manufacture and develop products, systems and services for the subsea oil and gas industry, the duo announced on 15 November 2012.
‘Our new venture with Schlumberger provides a powerful marriage of their oilfield services technology and our subsea equipment heritage. It leverages Cameron's flow control expertise, world class manufacturing and aftermarket capabilities,' said Jack B. Moore, Chairman, President and CEO of Cameron.
A key priority for OneSubsea, the companies said in a joint statement, will be strengthening research and engineering investments.
Cameron will manage the new joint venture with 60% interest. As a part of the formation agreement, Cameron will contribute its existing subsea division and receive $600 million from Schlumberger.
Schlumberger, in turn, will contribute its Framo, Surveillance, Flow Assurance, and Power and Controls businesses.
‘This new joint venture, which combines the forces of two world-class companies, is uniquely positioned to optimize complete subsea production systems and help our customers improve production and recovery from their subsea developments,' said Schlumberger CEO Paal Kibsgaard. ‘The broad scientific and technology platform that Schlumberger brings will enable a total system approach, leading to a unique and differentiated offering in this rapidly growing market.'
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