Cameron, Schlumberger join subsea forces

Teaming up: Houston service players create new subsea joint venture

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Bill Lehane

 15 November 2012 12:36 GMT

Flow equipment and services specialists Cameron and oilfield services giant Schlumberger have announced plans to spin off their subsea units into a new joint venture named OneSubsea.

Cameron chief executive Jack Moore called the tie-up “a powerful marriage of their oilfield services technology and our subsea equipment heritage [that] leverages Cameron’s flow control expertise, world class manufacturing and aftermarket capabilities”.

Schlumberger chief executive Paal Kibsgaard said the OneSubsea partnership represented a “unique and differentiated offering in a rapidly growing market” because of its “total system”, life-cycle approach to subsea development.

Cameron will manage and hold 60% ownership of the venture while Schlumberger will own 40% under the pending transaction's formation agreement.

Cameron will contribute its existing subsea division and receive $600…

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