GE Wins $200M Petrobras Contract

Thursday, June 16, 2011

GE (NYSE: GE) Oil & Gas has announced that its Wellstream business, acquired in March, has been awarded a long-term, flexible pipe and subsea equipment logistics services contract by Petróleo Brasileiro S.A. (Petrobras), one of the largest companies in Latin America which also controls significant energy assets in 18 countries worldwide. The long-term contract is initially valued in excess of $200M.

To perform the long-term contract, GE will build a dedicated 55,000 sq. meter, $90M investment Wellstream flexible pipe and subsea equipment Logistics Base in Niterói, a commercial hub located 14 kms outside Rio de Janeiro. Petrobras will use the new facility to support its development of pre-salt oil and gas field projects in the Campos and Santos basins offshore Brazil.

The new Logistics Base will be strategically positioned close to a number of Petrobras components and services suppliers and adjacent to GE-Wellstream’s existing Niterói manufacturing facility which supplies Petrobras and other operators in Brazil with high-quality, flexible risers and flowline products for oil and gas transportation subsea.

As well as dedicated warehouses, de-washing and flushing stations, the new facility will feature state of the art loading and handling equipment, including: capacity to store 140 reels, to handle loaded reels with 300 tonnes, and to berth installation and commercial vessels simultaneously with 8.5 meters draft and 220 meters in length. The project will create approximately 250 direct jobs and 250 indirect jobs by the start of its operation in the third quarter of 2012.

GE Oil & Gas has an established presence in Brazil and serves its deepwater segment with integrated drilling & production subsea equipment and services, as well as high-tech unit and modular gas turbines and compressors solutions for fixed & FPSO applications.

In March, GE completed its $1.3 billion acquisition of Wellstream, a leading engineer and manufacturer of high-quality flexible pipeline products for oil and gas transportation in the subsea production industry. The transaction broadened GE Oil & Gas’ extensive subsea production systems equipment and service capabilities and positions GE for continued growth in key deepwater regions worldwide, including Brazil, Africa and Asia.

GE will open a new $100M investment Global Research Center in Rio de Janeiro in 2012.

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