Cameron's Compressor Business Books Record Orders
Friday, February 17, 2012
Cameron has reported that orders for products in its process and compression division set records in the fourth quarter of 2011 and for the year as a whole.
Orders totaled US$443.2 million in the quarter, compared to US$335.8 million in the same period in 2010. For the year, orders were US$1.48 billion, compared to US$1.24 billion in 2010.
Overall, Cameron’s net income fell to US$99.9 million for the fourth quarter, versus US$164.6 million for the comparable period of 2010, mostly due to after-tax charges of US$90.5 million primarily related to the Deepwater Horizon oil spill off Louisiana, U.S.A. in 2010.
Cameron Chairman, President and CEO Jack B. Moore said Cameron's capital expenditures of US$388 million in 2011 would increase to a record of US$500 million this year.
"The majority (of the funds) will be targeted at expanding our infrastructure in Brazil, growing our aftermarket support bases for Drilling in the North Sea and Far East and adding to Cameron's global fleet of equipment and services in the unconventional shale markets."
For more information: www.c-a-m.com