$CAM (Cameron International Corporation)

$CAM {{ '2016-03-22T12:44:32+0000' | timeago}} • Announcement

$SLB unit Schlumberger Holdings Corp. said it has began a tender offer to purchase up to $1.2Bil of the outstanding senior notes of $CAM. The tender offer for each series of Notes will expire on April 18, unless extended by the company.

$CAM {{ '2016-04-05T13:51:54+0000' | timeago}} • Announcement

$SLB said that it increased the maximum tender amount for the outstanding senior notes of $CAM. The company said it changed the tender offer from $1,200,000,000 to $1,243,157,000.

$CAM {{ '2016-04-04T04:15:23+0000' | timeago}} • Announcement

Oilfield services company $SLB said it has closed its merger with $CAM. Each $CAM stockholder will receive 0.716 shares of $SLB common stock and $14.44 in cash, in exchange for each $CAM share. Pursuant to the merger $SLB has issued about 138MM shares. Former $CAM stockholders own about 10% of $SLB's outstanding shares.

$CAM {{ '2016-03-22T12:44:32+0000' | timeago}} • Announcement

$SLB unit Schlumberger Holdings Corp. said it has began a tender offer to purchase up to $1.2Bil of the outstanding senior notes of $CAM. The tender offer for each series of Notes will expire on April 18, unless extended by the company.

$CAM {{ '2016-02-08T20:01:57+0000' | timeago}} • SEC

$CAM, which is likely to be merged with $SLB, had approx. 23,000 employees as of Dec. 31, 2015, of which nearly 21% were represented by labor unions. In terms of order backlog, the company had approx. $6.6Bil in backlog at Dec. 31, 2015, 51% of which is expected to be shipped during 2016.

$CAM {{ '2016-02-08T19:50:39+0000' | timeago}} • SEC

$CAM said that overall market activity remains at significantly depressed levels due to the collapse of energy prices. Average worldwide working rig count levels for Dec. 2015 fell 35% from 2014, reflecting low commodity prices. The current worldwide working rig count levels are at their lowest levels since mid-2009, said the company.

$CAM {{ '2016-02-08T19:48:56+0000' | timeago}} • SEC

Full-year 2015 revenue for Houston-based energy company $CAM declined 15% to $8.8Bil, compared to 2014. Revenue in each segment declined during the year due to the impact of the weak market conditions resulting from the decrease in commodity prices and activity levels that began in the latter part of 2014.

$CAM {{ '2016-02-05T18:47:14+0000' | timeago}} • Announcement

$SLB and $CAM said the European Commission has cleared their proposed merger without any conditions following a Phase 1 review. The companies only await regulatory approval from the Ministry of Commerce of the People's Republic of China. The Chinese authorities started 30-day Phase 1 review process on Feb. 4. The merger is likely to close in 1Q16.

$CAM {{ '2016-01-25T12:49:26+0000' | timeago}} • Announcement

$HAL, which competes with $SLB, $NOV and $CAM, said its North American revenue skidded 54% YoverY to $2.16Bil amid continued activity declines and pricing concessions in U.S. land. $HAL also saw revenue dropping in all other operating regions with international revenue declining 34% YoverY.

$CAM {{ '2015-12-10T15:42:52+0000' | timeago}} • Announcement

$SLB said that its subsidiary Schlumberger Holding Corporation (SHC) will issue five tranches of senior notes maturing 2017 through 2025. The offering is expected to close on Dec. 10, 2015. The net proceeds will be used for general corporate purposes, including to finance a portion of the consideration of $SLB's pending acquisition of $CAM.

$CAM {{ '2015-11-17T23:03:15+0000' | timeago}} • Announcement

$SLB & $CAM jointly announced that the U.S. Department of Justice has cleared their proposed merger without any conditions. The closing of the proposed merger remains subject to approval by $CAM stockholders & other closing conditions contained in the merger agreement between $SLB & $CAM. The deal is expected to close in the first quarter of 2016.

$CAM {{ '2015-11-03T20:33:41+0000' | timeago}} • SEC

At Sept. 30, 2015, $CAM had $1.9Bil of cash, cash equivalents and short-term investments, of which $591MM was in the OneSubsea venture. Of the remaining cash, cash equivalents and short-term investments not in the OneSubsea venture, $677MM was located in the US. Total debt at Sept. 30, 2015 was approx. $2.8Bil, most of which was in the US.

$CAM {{ '2015-11-03T20:29:10+0000' | timeago}} • SEC

$CAM's 3Q15 average worldwide rig count levels were down significantly from 3Q14, largely due to lower activity levels in the US. In the US, the average number of rigs drilling for oil during 3Q15 decreased about 59% from 3Q14. The current worldwide working rig count levels continue to be at their lowest levels since mid-2009.

$CAM {{ '2015-11-03T20:19:05+0000' | timeago}} • SEC

On Aug. 27, 2015, $CAM entered into an agreement to sell the LeTourneau Offshore Products business within the Drilling Systems division to Keppel Offshore & Marine USA, Inc. for $100MM. In connection with this transaction, $CAM recorded an estimated pre-tax loss of $6MM during 3Q15 to write-down the carrying value of the business to its fair value.

$CAM {{ '2015-10-23T15:12:28+0000' | timeago}} • Announcement

$CAM expects operating income margin to decline sequentially in 4Q15 in each of its four segments due to no easing of market pressures despite its operational improvements partially mitigated the 3Q impact of the cyclical downturn.

$CAM {{ '2015-10-23T15:12:00+0000' | timeago}} • Announcement

$CAM's Subsea revenue fell to $758MM in 3Q15 from $779MM in 3Q14 and Surface revenue dropped to $446MM from $600MM. Drilling revenue decreased to $673MM from $800MM and revenue from Valves and Measurement slid to $376MM from $558MM. Weaker demand in $CAM's served markets cited for the decline in segments revenue.

$CAM {{ '2015-10-23T15:10:58+0000' | timeago}} • Announcement

$CAM reported a decline in 3Q15 earnings as revenue decreased in all four segments on weaker demand in served markets. Net income was $187MM or $0.97, down from $225MM or $1.11 per share in the same period of last year. Revenue fell to $2.21Bil from $2.68Bil. Adjusted EPS rose to $1.18 from $1.17.

$CAM {{ '2015-10-05T15:40:58+0000' | timeago}} • Announcement

As part of its previously disclosed succession plan, $CAM today announced that R. Scott Rowe has assumed the role of President and CEO, effective immediately, replacing Jack B. Moore, who is retiring as the $CAM's CEO. Jack will continue to serve as Chairman of the Board.

$CAM {{ '2015-08-26T15:21:03+0000' | timeago}} • Announcement

$SLB announces agreement to acquire $CAM. Total transaction valued at $14.8Bil as of Aug. 25, 2015. CAM shareholders to receive 0.716 SLB shares & $14.44 in cash for each share of CAM. Transaction is expected to be accretive to SLB EPS in first year after closing. Combined company expects $300MM and $600MM in synergies in first and second years.

$CAM {{ '2015-08-19T15:54:50+0000' | timeago}} • Announcement

$CAM $SLB OneSubsea, a CAM & SLB company, was awarded a contract in 2Q15 to supply subsea processing systems for the Shell Offshore Inc. Stones development in the Gulf of Mexico. This award follows a Technology Qualification Program and will deliver the industry's first 15,000-psi subsea pump system.

$CAM {{ '2015-07-23T20:07:47+0000' | timeago}} • Webcast

$CAM 2Q15 Q&A: Citigroup’s Scott questioned on 2016 Drilling margins, to which Scott said the new project business is not merely as profitable as the services side. So, that revenue will drop in 2016, leading to a loss of some lower margin work. While it is still very early, we don't see a reason why margins can't grow in Drilling, he added.

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