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Cameron (CAM) Gets Order Worth $275M For Korean Drillship Package

 November 26, 2012 08:07 AM
 


(By Balachander) Cameron International Corp. (NYSE: CAM) will provide a complete drilling equipment package for a drillship to Korea-based STX Offshore & Shipbuilding Co. Ltd. under a contract worth roughly $275 million.

Cameron, a maker of valves and measurement systems, said this order represents its first complete rig package for a newbuild drillship.

STX has a contract to build a new drillship from Sigma Drilling Ltd. of which Vantage Drilling Co. (NYSEAMEX: VTG) is a partner. 

Under the contract with STX, Cameron will supply a complete drilling equipment package for a 12,000 foot ultradeepwater drillship.

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Cameron works with drilling contractors, oil & gas producers, pipeline operators, refiners and other process owners to control, direct, adjust, process, measure and compress pressures and flows. 

Earlier this month, Cameron and Schlumberger (NYSE: SLB) announced OneSubsea, a joint venture to manufacture and develop products, systems and services for the subsea oil and gas market. Cameron and Schlumberger have 60/40 ownership of the joint venture.

Shares of Cameron, which has been trading in the 52-week range of $38.38 to $60.00, ended at $54.47 on Friday.

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