Cameron Update On Chevron Rosebank Award
HOUSTON, Nov. 22, 2013 /PRNewswire/ -- Cameron (NYSE: CAM) was advised of Chevron's decision to defer its Rosebank project while it works with partners to improve the project economics. Cameron had announced receipt of an award from Chevron for OneSubsea early in the third quarter for $540 million.
At the request of Chevron, Cameron will continue to work on elements of its awarded scope and work with Chevron and its partners to improve the project economics. Total 2014 revenues from the Rosebank project for the Cameron scope is estimated at approximately $30 million.
Cameron (NYSE: CAM) is a leading provider of flow equipment products, systems and services to worldwide oil, gas and process industries.
This document includes forward-looking statements regarding future revenues for OneSubsea for 2014 which have been made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
The Company's actual results may differ materially from those described in forward-looking statements. Such 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, which can affect the Company's results of operations, liquidity or financial condition. Such factors may include the ultimate deferral and/or cancellation of the Chevron Rosebank contract and the Company's ability to successfully execute the award.
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.