Oil services firm Cameron International said today that it has signed a Memorandum of Understanding with Petrobras, Brazil's state-controlled oil giant, to boost its research and development efforts in the South American country through a $30 million investment in two facilities.
Houston-based Cameron (CAM), which rose to infamy for being the maker of the failed blowout preventer aboard the Deepwater Horizon rig, is a provider of flow equipment products, systems and services to worldwide oil, gas and process industries. Cameron recently acquired Vescon Equipamentos Industriais Ltda., a Brazilian manufacturer of surface production equipment.
Cameron has worked with Petrobras (PBR) and employs over 1,000 workers in Brazil, the company said in a statement. Cameron also said it plans to add control systems and flow control equipment offerings to its product portfolio in Brazil.
Petrobras is the third-largest international oil company by market value. Brazil is South America's second-largest oil producer behind Venezuela.