Chevron Puts Off Rosebank Project. Cameron Continues Work on Equipment

Cameron, a provider of subsea solutions for the offshore oil and gas industry, 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.

The contract package includes the engineering, supply, and manufacturing of subsea manifolds, subsea trees and subsea control systems.

Rosebank

The Rosebank Field, discovered in 2004, is estimated to contain total potentially recoverable oil-equivalent resources of 240 million barrels. The Rosebank development is a joint venture between Chevron’s subsidiary Chevron North Sea Limited with a 40 percent equity interest; Statoil (U.K.) Limited (30 percent); OMV (U.K.) Limited (20 percent) and DONG Exploration & Production (UK) Limited (10 percent).

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November 26, 2013