Cameron announces joint venture with CNPC

Cameron and CNPC signed an agreement to establish a joint venture for the manufacture of pipeline ball valves exclusively for use by CNPC to support its plans to build pipeline across China in the coming decade.

On November 29, 2012 Cameron (NYSE: CAM) and CNPC signed an agreement to establish a joint venture for the manufacture of pipeline ball valves exclusively for use by CNPC to support its plans to build pipeline across China in the coming decade.

Under the terms of agreement, Cameron will license its technology to the joint venture and establish a full scale, manufacturing operation in Tianjin, China with CNPC Bohai Equipment Manufacturing Co., Ltd. (BHEM). This joint venture will be the exclusive pipeline valve manufacturing entity within CNPC and will address China’s requirement for high quality, large-bore pipeline ball valves.

As outlined by the Company Profiles below, Cameron and BHEM each brings experience, excellence and innovation to the Joint Venture.

CNPC BOHAI (BHEM)

BHEM was founded in April, 2008 as a result of the consolidation of the equipment manufacturing businesses of China National Petroleum Corporation (CNPC) in North China and the Dagang oil fields. On March 30, 2010 and April 28, 2012 respectively, the company incorporated Bohai Equipment Lanzhou Petrochemical Machinery and Liaohe Equipment manufacturing business.

For four consecutive years, the company has created more than 10 billion yuan in operating income making it one of CNPC’s largest groups and its top equipment manufacturer in terms of operational performance. The company has also been named one of the top 100 enterprises in Tianjin and one of the top 500 enterprises in China’s Machinery Industry.

Products

As a wholly-owned subsidiary of CNPC, BHEM specializes in manufacturing line pipe, drilling-production equipment, marine equipment and equipment for refineries. The company also contributes advanced research and manufacturing technologies to both domestic and international CNPC and key Chinese national oil and gas projects.

These products are widely used in oilfields in China and in more than 40 countries worldwide including Asia, Africa, Europe, America and Australia.

Factories

BHEM is registered in the Tianjin Binhai New Area with factories throughout China and branch Operations in Canada, Iran and Niger.

Manufacturing activities associated with the joint venture will be situated in Tianjin Binhai Industrial Area, at the intersection of Bohai commercial zone and the cities of Beijing/Tianjin/Hebei. The location is well connected by highways. It has the world’s fifth busiest port in output, and main port for the north/middle Asia. China’s biggest commercial freight airport can also be found here, connecting to over 30 countries in the world. The location is well accessible by sea, land and air. The Tianjin Binhai Industrial zone is also one of China’s important bases for oil and gas, as well as metallurgy. Its strong industrial base makes it an ideal location for the facility.

CAMERON

Cameron is a leading provider of flow equipment products, systems and services to worldwide oil, gas and process industries. The Valves & Measurement business segment designs and manufactures valves, valve automation and measurement instrumentation products and systems for the drilling, production, transmission, storage, processing and industrial markets.

The Product – CAMERON B8 Fully Welded Ball Valve

First introduced in 1960, the CAMERON® fully welded trunnion-mounted ball valve is one of Cameron’s flagship products. Its key features include double-piston sealing effect, primary metal-to-metal seals and secondary o-ring seals. The valve combines a spherical design with the strength of forged steel components with the intention of producing a streamlined and compact valve that would increase strength in resistance to pipeline pressure and stresses, while reducing weight. For this reason, the CAMERON fully welded ball valve became known internationally for dependable pipeline service. The technological evolution of the product has brought it from its inception in a small town in Texas to installations across thousands of miles of pipeline worldwide.

For additional information, contact:

www.c-a-m.com/valves

or email valves@c-a-m.com