Cameron, Schlumberger Form Subsea Joint Venture

Cameron (NYSE: CAM) and Schlumberger (NYSE: SLB) today announced the creation of OneSubsea™, a
joint venture to manufacture and develop products, systems and services
for the subsea oil and gas market. This new company will offer a step
change in reservoir recovery for the subsea oil and gas industry through
integration and optimization of the entire production system over the
life of the field. The integration of the production system will be
accomplished by combining superior reservoir knowledge and wellbore
technologies, with industry leading subsea technologies, all together
delivering enhanced productivity, reliability and integrity.

Cameron and Schlumberger have 60/40 ownership of the joint venture,
respectively, and the transaction is subject to regulatory approvals and
other customary closing conditions. Cameron, with

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