Cameron and Schlumberger announced the creation of OneSubsea, a joint venture (JV) to manufacture and develop products, systems and services for the subsea oil and gas market. This new company will offer a step change in reservoir recovery for the subsea oil and gas industry through integration and optimization of the entire production system over the life of the field.
Cameron and Schlumberger have 60/40 ownership of the JV, respectively, and the transaction is subject to regulatory approvals and other customary closing conditions.
Under the terms of the formation agreement, Cameron will contribute its existing subsea division and receive $600 million from Schlumberger. Schlumberger will contribute its Framo, Surveillance, Flow Assurance and Power and Controls businesses. Cameron will manage the joint venture and will consolidate it for financial reporting purposes. Cameron will reflect minority interest in its financial statements for Schlumberger's interest in the JV.
Credit Suisse acted as financial advisor to Cameron. Goldman, Sachs & Co. acted as financial advisor to Schlumberger.