HOUSTON (AP) -- Oilfield service company Schlumberger Ltd. and equipment maker Cameron have formed a joint venture that will serve the subsea oil and gas market.
Schlumberger said it will pay $600 million to Cameron, which will manage the joint venture and own a 60 percent stake. Schlumberger's Framo subsea engineering division and its surveillance, flow assurance, and power and controls businesses will become part of the joint venture. The companies will call the joint venture OneSubsea.
Shares of Schlumberger rose 54 cents to $68.37 in morning trading. Cameron stock gained $1.64, or 3.2 percent, to $52.45.