Cameron and Schlumberger Form Joint Venture

On November 15, 2012, Cameron International Corporation and Schlumberger announced the creation of OneSubsea™, a joint venture to manufacture and develop products, systems and services for the subsea oil and gas market. Cravath represented Cameron International in this transaction. Under the terms of the formation agreement, Cameron will contribute its existing subsea division and receive $600 million from Schlumberger. Cameron and Schlumberger have 60/40 ownership of the joint venture, respectively, and Cameron will manage the joint venture. The transaction is subject to regulatory approvals and other customary closing conditions. Cameron, with its long history of innovation and firsts in the subsea market, is an industry leader in design capability, manufacturing excellent and successful installations.

The Cravath team was led by M&A partner George F. Schoen and included associate Lucy Demery on M&A matters; partners Stephen L. Gordon and Lauren Angelilli and associates Christopher K. Fargo and Matthew O. Williams on tax matters; partner Eric W. Hilfers and associate Jonathan J. Katz on executive compensation and benefits matters; and partner Matthew Morreale on environmental matters. Ashley N. Elnicki and Brian Kozlowski also worked on tax matters.