Cameron get subsea system contract for Total Usan offshore Nigeria
Cameron (NYSE: CAM) has been awarded a contract with an initial value of approximately $650 million to provide subsea systems for the initial phase of Total's Usan, a 44-well subsea development project offshore Nigeria.
Under the contract, Cameron will provide subsea systems engineering and project management, along with subsea Christmas trees, production and intervention control systems, manifolds, flowline connection systems, installation support and associated spares for Total's Nigerian subsidiary, Elf Petroleum Nigeria Limited. The agreement also includes provisions for additional revenues of approximately $2 million per well associated with installation and commissioning support over the life of the contract.
Initial equipment delivery and installation is slated to begin in the first quarter of 2009, with additional deliveries of subsea trees and associated equipment to continue through 2012.
Cameron President and Chief Operating Officer Jack B. Moore said, "We are pleased that Total has chosen Cameron as the systems supplier for the Usan project, further confirming our role as a significant contributor to subsea developments in the West African market."
