Cameron and Schlumberger 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 parties will close the transaction making OneSubsea operational on June 30, 2013.
Cameron and Schlumberger have 60/40 ownership of the joint venture, respectively. Cameron has a long history of manufacturing, design and successful installations. Schlumberger understands reservoirs, well completions, subsea processing and integration platform.
“This is an exciting time for Cameron as we now have the opportunity to further expand our subsea business through OneSubsea. 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,” said Cameron chairman, president and CEO, Jack B. Moore.