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HOUSTON, March 16, 2016 – OneSubsea®, a Cameron (NYSE: CAM) and Schlumberger (NYSE: SLB) company, has signed two 5-year global frame agreements (GFA) with BP to provide Engineering, Procurement, and Construction (EPC) of Subsea Production Systems (SPS) and Subsea Aftermarket Services.
Continuing the long-established success of previous supply agreements with BP, both GFAs have been specifically designed and formulated to accommodate supplier-led solutions. The agreements provide a framework for worldwide supply of SPS technology and subsea aftermarket services, including service personnel and rental equipment.
Mike Garding, Chief Executive Officer of OneSubsea, said, "This is a positive step for the industry, demonstrating how successful collaboration between operators and suppliers can reduce cost and schedules through standardization. BP has been a driving force in progressing a philosophy of supplier-led solutions, where standard designs, quality, and materials are aligned with its functional specifications."
OneSubsea, a Cameron and Schlumberger company, offers a step change in reservoir recovery for the subsea oil and gas industry through integration and optimization of the entire production system over the life of the field. Cameron, with its long history of innovation and firsts in the subsea market, is an industry leader in design capability, manufacturing excellence and successful installations. Schlumberger brings a deep understanding of the reservoir, and industry-leading well completions, subsea processing and integration platform. Through the integration of these strengths, OneSubsea offers best-in-class subsea solutions for its customers. For more information, visit onesubsea.slb.com.
This document includes forward-looking statements regarding the companies, made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The actual results of the companies may differ materially from those described in forward-looking statements. Such statements are based on current expectations of the performance of the companies and are subject to a variety of factors, some of which are not under the control of the companies, which can affect the companies' results of operations, liquidity or financial condition.
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