Cameron Awarded Supply Contract in Iraq Valued at About $100 Million
HOUSTON, June 26, 2012 /PRNewswire/ -- Cameron (NYSE: CAM) has been awarded a supply contract valued at about $100 million by the Rumaila Operating Organization (ROO) in Iraq. The ROO is a joint venture between the state owned South Oil Company (SOC), BP and the China National Petroleum Corporation (CNPC). The scope includes equipment for new wells and rehabilitation of existing wells along with the associated aftermarket services for the next three years. This award from the ROO is further confirmation of Cameron's continuing support for the country of Iraq, BP and CNPC.
Jack B. Moore, Cameron Chairman, President and Chief Executive Officer said, "We are proud to be an integral part of the Rumaila development which is so important for the Iraq community and the ongoing efforts to rebuild the country." He further stated, "We will be supporting this important contract with parts, service, equipment storage and deployment from our new Iraq facility."
Cameron is a leading provider of flow equipment products, systems and services to worldwide oil, gas and process industries.
In addition to the historical data contained herein, this document includes forward-looking statements regarding the future amount of revenues of the Company resulting from this contract and use of an in-country facility made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company's actual results may differ from those described in forward-looking statements. These statements are based on current expectations of the Company's performance and are subject to a variety of factors, some of which are not under the control of the Company. Such factors include the Company's ability to successfully manufacture and deliver, the stability of the country and the ability of ROO to implement its plans and the customer's acceptance of the equipment ordered, or cancellation of some or all of the order.
Because the information herein is based solely on data currently available, it is subject to change as a result of changes in conditions over which the Company has no control or influence, and should not therefore be viewed as assurance regarding the Company's future performance. Additionally, the Company is not obligated to make public indication of such changes unless required under applicable disclosure rules and regulations.