Cameron (NYSE:CAM) has received an order from Petrobras (NYSE:PBR) for 27 subsea trees and related equipment, worth approximately $74 million, for use in their developments offshore Brazil.
The order represents the remaining trees under a 138-tree frame agreement announced in September 2009. Cameron received a purchase order for the initial 111 trees and associated equipment at the time the frame agreement was signed. Deliveries of the trees are scheduled to begin during 2011 and continue over a four-year period.
Cameron President and Chief Executive Officer Jack B. Moore said, "We are pleased to have the opportunity to build on our history as a primary supplier of equipment and services in the Brazilian market, and we look forward to continuing our support of Petrobras' developments and our ongoing investment in Brazil." Moore noted that the trees included in this latest order incorporate enhanced drill-through capability that will provide significant cost and time savings in the drilling and completion process.