OneSubsea the new 60:40 joint venture announced last month by Cameron and Schlumberger, will manufacture and develop products, systems and services for the subsea oil & gas industry and offer ‘a step change in reservoir recovery’ through integration and optimization of the entire production system over the life of the field. Jack B Moore, chairman, president and CEO of Cameron, which will manage the JV, described it as a ‘powerful marriage’ of Schlumberger’s oilfield services technology and his company’s subsea equipment heritage. Schlumberger CEO Paal Kibsgaard said the move would ‘enable a total system approach, leading to a unique and differentiated offering in this rapidly growing market’. Under the terms of the formation agreement, Cameron will contribute its existing subsea division and receive $600 million from Schlumberger, which in turn will contribute its Framo, surveillance, flow assurance, and power & controls businesses.