Cameron International (CAM)

Houston, Texas-based Cameron International Corporation (CAM), previously known as Cooper Cameron Corporation, is a leading manufacturer of pressure control equipment used in onshore, offshore, and subsea applications for oil and gas drilling, production, and transmission. Upon the change in the corporate name in May 2006, the company also re-branded its three business segments into Drilling & Production Systems (DPS), formerly the Cameron segment Valves & Measurement (V&M), formerly the Cooper Cameron Valves segment and Compression Systems (CS), formerly the Cooper Compression segment.

The DPS segment's (accounting for 59% of the company s total EBITDA in 2007, respectively) products include surface and subsea production systems (the so-called Christmas Trees), blowout preventers, and drilling and production control systems. DPS s products are marketed under the brand names CAMERON, W-K-M, MCEVOY and WILLIS. Additionally, DPS manufactures elastomers, which are used in pressure and flow control equipment and other petroleum industry applications, as well as in the petroleum, petrochemical, rubber molding, and plastics industries. In early 2007, Cameron acquired DES Operations Limited (DES) for approximately $37.7 million, which enhanced the company s subsea product offerings within the DPS segment. In February 2008, Cameron acquired the assets of Baker Hughes International Oil Tools Division's Surface Safety Systems (SSS) business for roughly $31 million. The deal is likely to enhance Cameron's flow control product offerings, part of the DPS segment. In the same month, the company acquired Austria-based SBS Oilfield Equipment GmbH for roughly $10.85 million. This acquisition is expected to augment the DPS segment's existing artificial lift businesses.

The V&M segment (32%) provides valves and related systems used in pressure control and flow of oil and gas from the wellhead through pipelines to refineries and petrochemical plants. At the end of 2005, the company acquired all the businesses of the Flow Control segment of Dresser Inc., which has been integrated with the V&M segment at a cost of approximately $30 million. Additionally, early in 2007, the company acquired certain assets of Prime Measurement Products, a supplier to the V&M segment, at a cost of approximately $6.3 million. Recently, Cameron acquired a UK-based company, Jiskoot Holdings Limited engaged in the engineering and manufacturing of hardware packages for crude oil sampling, blending and other related applications, for cash cost of approximately $15.67 million. The acquisition of Jiskoot further augments the V&M segment's expertise to deliver a full spectrum of solutions for the oil and gas industry. The CS segment's (9%) products include reciprocating and centrifugal compressors used in multiple oil and gas applications, such as production, storage, withdrawal, processing, and transmission.

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