The Cameron and Schlumberger joint venture OneSubsea™ is officially up and running after receiving all the required regulatory approvals, with the company becoming operational on 30 June.
The JV, first unveiled in November last year, will manufacture and develop products, systems and services for the subsea oil and gas market. Cameron has a 60% stake in the JV with Schlumberger 40%. The companies say the integration of their respective strengths will enable OneSubsea to offer best-inclass subsea solutions for its customers.
Cameron Chairman, President and CEO, Jack B. Moore said, “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.”
Schlumberger CEO Paal Kibsgaard added, “We are now uniquely positioned to optimize complete subsea production systems and help our customers improve production and recovery from their subsea developments.”
The new outfit, according to its original announcement, 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. The integration of the production system will be accomplished by combining superior reservoir knowledge and wellbore technologies, with industry leading subsea technologies, all together delivering enhanced productivity, reliability and integrity”.
Under the terms of the formation agreement, Cameron has contributed its existing subsea division and is receiving US $600 million from Schlumberger. Schlumberger will contribute its Framo, Surveillance, Flow Assurance and Power and Controls businesses. Cameron is managing the JV.
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