Cameron and Schlumberger have announced that OneSubsea™, a joint venture to manufacture and develop products, systems and services for the subsea oil and gas market, has received all required regulatory approvals. The transaction was closed on June 30, 2013, making OneSubsea operational.
Cameron and Schlumberger have 60/40 ownership of the joint venture, respectively. Cameron, with its long history of innovation and firsts in the subsea market, is an industry leader in design capability, manufacturing excellence and successful installations. Schlumberger brings a deep understanding of the reservoir, and industry-leading well completions, subsea processing and integration platform. Through the integration of these strengths, OneSubsea will offer best-in-class subsea solutions for its customers.
“This is an exciting time for Cameron as we now have the opportunity to further expand our subsea business through OneSubsea,” saidCameron Chairman, President and CEO, Jack B. Moore.“Our near term focus is on the execution of plans that have been laid out in recent months while continuing to deliver the highest levels of quality and safety in our product and service offerings.”