Cameron and Schlumberger form subsea joint venture targets subsea oil production and recovery
Cameron and Schlumberger form subsea joint venture to target subsea oil production and recovery
HOUSTON -- Cameron and Schlumberger announced the creation of OneSubsea, a joint venture to manufacture and develop products, systems and services for the subsea oil and gas market. This new company will offer a step change in reservoir recovery for the subsea oil and gas industry through integration and optimization of the entire production system over the life of the field.
The integration of the production system will be accomplished by combining superior reservoir knowledge and wellbore technologies, with industry leading subsea technologies, all together delivering enhanced productivity, reliability and integrity.
Cameron and Schlumberger have 60/40 ownership of the joint venture, respectively, and the transaction is subject to regulatory approvals and other customary closing conditions. Cameron will manage the joint venture and will consolidate it for financial reporting purposes. Cameron will reflect minority interest in its financial statements for Schlumberger's interest in the Joint Venture.
Cameron Chairman, President and CEO, Jack B. Moore said, "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."
Schlumberger CEO Paal Kibsgaard commented, "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. 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".
A key priority of the joint venture will be strengthening research and engineering investment, including complementary projects with the parent companies, towards the integration of the complete subsea production system from pore space to the export point, in order to unlock reservoir potential from our customer's subsea developments.
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