Ge Oil And Gas News

General Electric Co posted quarterly results that topped expectations on Friday, as earnings from aviation, healthcare and transportation offset weak power and oil-and-gas profits, sending shares sharply higher. GE affirmed its forecast for 2018 earnings and cash flow, and said it expects to book as much as $10 billion in proceeds from divesting industrial assets this year. Those comments eased concern that GE would post poor results. GE's profit reflected 7-percent revenue growth and vigorous cost cutting. Revenue rose in aviation, oil-and-gas and healthcare, offsetting declines in power, transportation, lighting and renewable energy. GE sliced $1 billion in costs, including $800 million in industrial structural costs.

General Electric Co said on Monday it would merge its oil and gas business with Baker Hughes Inc, creating the world's second-largest oilfield services provider as competition heats up to supply more-efficient products and services to the energy industry after several years of low crude prices. The deal to create a company with $32 billion in annual revenue will combine GE's strengths in making equipment long-prized by oil producers with Baker Hughes's expertise in drilling and fracking new wells. Shares of Baker Hughes were down nearly 7 percent, a drop that executives said likely was due to the deal's complicated structure. GE is already the world's largest oilfield equipment maker, supplying blowout preventers, pumps and compressors used in exploration and production.

Nautilus Minerals Inc. announces that the order for the supply of the entire electrical installation for the production support vessel has been awarded to Siemens International Trading (Shanghai) Ltd., a wholly owned subsidiary of Siemens AG. Nautilus CEO, Mike Johnston, commented, “The electrical package marks the fourth major long lead time package to be awarded by the shipyard, Fujian Mawei Shipbuilding. We are especially pleased to be partnering with another world class, global company such as Siemens. Their involvement with our first seafloor production system, along with other industry heavyweights such as GE Oil and Gas, Sandvik, Soil Machine Dynamics, Rolls Royce, Bedeschi and McGregor highlights the quality of the system that we are building.

Maersk Drilling has ordered four Blow Out Preventers (BOPs) and two risers from GE Oil and Gas to be used in the Project 20K™ agreement with BP. The BOPs and risers are intended to be delivered and deployed on two Maersk Drilling 20K™ Rigs by year-end 2018. The order includes options for provision of further BOPs. The order is subject to BP and Maersk Drilling taking the final investment decision on a 20K™ Rig contract. BP and Maersk Drilling announced in February 2013 a joint study agreement to develop conceptual engineering designs for a new breed of advanced technology drilling rigs that will be critical to unlocking the next frontier of deepwater oil and gas resources.

GE Oil & Gas has been awarded a "Spotlight on New Technology Award" by the Offshore Technology Conference for its next generation subsea electronics module, the VetcoGray SemStar5. The Spotlight on New Technology Award recognizes new and innovative technologies significantly impacting offshore exploration and production sectors. It is judged by an expert panel on five criteria: the technology should be new, innovative, proven, used in a broad range of applications, and have a significant impact on the industry. The VetcoGray SemStar5 (previously codenamed SEM5) is a fifth generation Subsea Electronics Module for use in subsea production control systems.