Det Norske Awards Cameron Subsea Equipment for Norway, Jette Development

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Oct 10, 2011, 01:01 ET

HOUSTON, Oct. 10, 2011 /PRNewswire/ -- Cameron announced today that it has signed an agreement with Det Norske for the supply of subsea production systems for the Jette development located in blocks 25/7 and 25/8 in the Norwegian sector of the North Sea.

The scope of supply for this fast track development includes wellheads, trees, flow bases, electro-hydraulic multiplexed controls, connections, pipeline end manifolds and other associated subsea equipment. Deliveries are scheduled to commence in early 2012, and will represent $56 million in revenue to Cameron.

"Cameron is working in close alignment with Det Norske in executing this project. The project is groundbreaking for Det Norske as it is their first field development as operator, and for Cameron as it represents our first full subsea system supply in the Norwegian sector of the North Sea," said Jack Moore, Chairman and CEO of Cameron.

Cameron is a leading provider of flow equipment products, systems and services to worldwide oil, gas and process industries.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Terms such as "will," "will be," and "are scheduled" and the like are intended to identify forward-looking statements. The forward-looking statements in this press release are based on our current expectations and are made only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect new information. We cannot assure you the projected results or events will be achieved. Because forward-looking statements involve risks and uncertainties, they are subject to change at any time. Such risks and uncertainties, many of which are beyond our control, include, but are not limited to overall demand for, and pricing of, the Company's products; the size and timing of orders; the Company's ability to successfully execute the large subsea and drilling systems projects it has been awarded; the possibility of cancellations of orders; changes in the price of (and demand for) oil and gas in both domestic and international markets; raw material costs and availability; and variations in global economic activity. In particular, current and projected oil and gas prices historically have generally directly affected customers' spending levels and their related purchases of the Company's products and services. Additionally, changes in oil and gas price expectations may impact the Company's financial results due to changes it may make in its cost structure, staffing or spending levels.

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.

Website: www.c-a-m.com

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