HOUSTON – Cameron and Schlumberger have created a joint venture to manufacture and develop products, systems, and services for subsea oil and gas applications.
The venture is named OneSubsea and will consist of Cameron’s existing subsea division and Schlumberger’s Framo, Surveillance, Flow Assurance, and Power/Controls businesses. Cameron will receive $600 million from Schlumberger and will manage the new venture.
“Our new venture with Schlumberger provides a powerful marriage of their oilfield services technology and our subsea equipment heritage,” said Jack B. Moore, Cameron chairman, president, and CEO. “It leverages Cameron’s flow control expertise, world class manufacturing and aftermarket capabilities.”
“This new joint venture … is uniquely positioned to optimize complete subsea production systems and help our customers improve production and recovery from their subsea developments,” said Paal Kibsgaard, CEO of Schlumberger. “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.”