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Cameron Eyes 1Q Charges Due to Libya Sanctions

28 March 2011

Flow equipment products provider Cameron International Corp said Monday it expects to book charges in the first quarter related to delays in a project in Nigeria and US sanctions on Libya.

The company anticipates a 15-cent per share charge associated with a subsea systems project in Nigeria that's been delayed, causing cost overruns.

In addition, Cameron will record a first-quarter charge of 2 cents per share related to work previously performed in Libya that the company does not expect to collect due to sanctions brought against the North African nation by the U.S. government.

Cameron shares slipped 39 cents to $58.20 in aftermarket trading after falling 49 cents to $58.59 during the regular session.