Cameron, Petrobras Extend Agreement

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Petrobras, Brazil's state-run oil giant, and Cameron International, the Texas-based provider of flow equipment products, systems and services to international oil and natural gas companies, announced that they have renewed an agreement that will see the U.S. company provide aftermarket services to the Brazilian oil giant.

Cameron (CAM), the company that made the blowout preventer for the Deepwater Horizon rig, said it expects the renewed agreement with Petrobras to generate $150 million in revenue over three years. The previous agreement between the two companies was signed in 2007.

Cameron will manage the agreement from its service center in Macae which is undergoing an extensive capital expansion program, the company said in a statement. The deal with Cameron is the second group of Brazilian contracts won by an American oil services firm in recent weeks. In August, National Oilwell Varco (NOV) won $1.5 billion in Brazilian agreements.

Cameron's facility will support Petrobras (PBR) operations with inspection, maintenance, repair and remanufacturing, storage and offshore installation services, according to the Cameron statement.

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