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Cameron and Schlumberger create OneSubsea joint venture

Cameron and Schlumberger go for integrated solutions

Cameron and the leading oilfields services company Schlumberger have decided to create OneSubsea as a joint venture to merge their subsea activities in the oil and gas sector.

Through OneSubsea, Cameron and Schlumberger intend to develop and manufacture new dedicated products, systems and services for the subsea applications.

Headquartered in Houston, Texas, USA, Cameron is the flow equipment specialist of the oil and gas and petrochemical industry.

With $5 billion revenues per year and 18,000 employees in the world, Cameron is providing drilling contractors, oil and gas fields producers, pipelines operators, refining and petrochemical companies with all the solutions to control, direct, adjust, measure, process and compress flows and pressures.

Cameron runs its global operations in 300 different locations through three operationg groups:

 – Drilling and Production Systems (DPS)

 – Valves and Measurement (V&M)

 – Process and Compression Systems (PCS)

Also based in Houston, Texas, Schlumberger books $37 billion revenues from 85 countries with 115,000 employees.

As an oil field services company is focusing on exploration and production with the largest portfolio of technologies to optimize oil and gas reservoirs performances including information solutions and integrated project management.

Schlumberger activities are segmented around two business segments:

 – WesternGeco as the seismic acquisition and data processing world leader 

 – Schlumberger Oilfield Products, Services and Solutions providing expertise in formation evaluation, directional drilling, well cementing and stimulation, well completion and productivity and all related software, information management and IT infrastructure services.

Through its integrated Schlumberger Information Solutions (SIS), Schlumberger deploys ist competitive advantage of 75 years of expertise across its 35 geomarket regions matching with the global crest geologic segmentation.

Cameron to bring subsea Schlumberger’s technology

In this context Cameron and Schlumberger were working for many years with the same customers, the same projects with common exploration and production challenges.

Onshore both companies have their respective area of expertise and a global coverage to continue to grow and maintain their respective market leadership on their own.

Offshore, where most of the actual and future exploration stands, they needed more and more each other technologies and services to develop subsea solutions as required by the major companies to decide to join competences and resources.

In the OneSubsea joint venture, the partners will share interests:

 – Cameron 60% is the operator

 – Schlumberger 40%

With this new entity, Schlumberger provides the joint venture with its unique expertise of oilfields reservoirs analysis and optimization while Cameron will be able to bring it subsea experience and logistic to speed up exploration, facilitate production and enhance integrity.

In this logic, the partners will contribute to the joint venture with:

 – Cameron’s subsea division for which Schlumberger will pay $600 million compensation 

 – Schlumberger’s Framo, Surveillance, Flow Assurance and Power and Controls businesses.

The long term trend of the exploration and production sector is concentrated around the offshore oil and gas fields where lies most of the unexplored reserves.

In addition most of the companies likeChevron, ExxonMobil, Shell, Statoil and Total are investing in the enhanced oil recovery (EOR) techniques to rejuvenate their maturing fields most of them located also offshore, opening wide horizons to OneSubsea, the newly formed joint venture between Cameron and Schlumberger.

For more information and data about oil and gas and petrochemical projects go to Project Smart Explorer

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