A company of Schlumberger Ltd. SLB and Cameron International Corporation CAM – OneSubsea – has received a contract with a value of over $330 million related to subsea production systems for a gas project offshore North Africa.
The contract includes the provision of subsea production equipment, tooling, and installation and commissioning services for the 13-well development in the area. Deliveries are scheduled to commence from the third quarter of 2016.
This award is the largest one till date for a subsea production system within the North African region and marks the second phase of the development. OneSubsea had been the supplier during phase one of this development as well.
OneSubsea is a one-stop destination for the reservoir recovery of the subsea oil and gas industry through integration and optimization of the entire production system over the life of the field. The advanced subsea production systems of OneSubsea have been installed all over the globe in several types of environment. These vary from deepwater to shallow-water applications, from large to small-field architecture. The company, therefore, caters to all needs and has a solution to all kinds of challenges.
Cameron has a long history of innovation and remains a pioneer of several aspects of the subsea market. It is an industry leader in design capability, manufacturing excellence and successful installations.
Schlumberger is a leading oilfield services company, providing technology, project management and information services to the global oil and gas industry.
The combination of the strengths of both the companies boosts OneSubsea’s capability in offering the best-in-class subsea solutions for its customers.
Schlumberger currently carries a Zacks Rank #3 (Hold). Better-ranked players from the same space include Transmontaigne Partners L.P. TLP and Pembina Pipeline Corporation PBA. Both these stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment