General Electric News

04 Jun 2019

Irving Shipbuilding Pushes Canadian Content

Pic: Irving Shipbuilding

Canadian shipbuilder Irving Shipbuilding Inc stated that it is committed to maximizing Canadian content and benefit through its construction of the Royal Canadian Navy’s Arctic and Offshore Patrol Ships (AOPS)."Our AOPS contract requires us to achieve at least 50% of Canadian Content Value (CCV) in direct work, recognizing that in some instances, we must procure material for the ships internationally," said the shipbuilding and repair company in Halifax, Canada in a press note.Today, approximately 70% of the work on AOPS is direct Canadian content.

04 Jun 2019

F2I Buys Porto di Carrara

Image: Porto di Carrara

Italian infrastructure investment fund F2i announced its entry into the ports sector with the acquisition of the Porto di Carrara Spa (PDC Spa) Group, which owns port terminals at Carrara, Marghera and Chioggia.The Group, which each year handles around 5 million tons of solid bulk cargoes, is one of the main Italian port hubs and operates in the strategic sector of supplying some of the key Italian industrial segments, said a press release from the biggest Italian infrastructure fund with around 5 billion euro in assets under management.Most of the steel supplies for the districts of Brescia…

22 May 2019

KVH Appoints Loke VP Asia Pacific

Ken Loke (Photo: KVH Industries)

KVH Industries (Nasdaq: KVHI) said that Ken Loke has been named Vice President – Asia Pacific, to direct all initiatives for KVH in this  region. Loke has extensive experience in satellite and managed services with top companies active in the telecommunications and maritime industries. KVH provides connectivity solutions for the maritime market, including global mini-VSAT Broadbandsm services used by thousands of vessels worldwide.Prior to joining KVH, Loke held the positions of chief commercial officer and chief executive officer for Eutelsat – Asia Pacific…

16 May 2019

Simec Inks Technology Partnership with GE

Pic: Simec Atlantis Energy

Simec Atlantis Energy is set to team up with General Electric (GE) to develop the world's largest tidal stream turbine.According to a press release from Simec, its Atlantis Turbine and Engineering Services (ATES) division will enter into a Technology Partnership and Preferred Supplier Agreement (TPPSA) with GE’s Power Conversion business (GE).Under the terms of the partnership agreement, both parties will work together and share resources for the ongoing development of utility scale tidal energy generation and associated energy storage solutions.

08 May 2019

Tellurian to Decide on Louisiana Driftwood LNG Project in 2019

Tellurian Inc confirmed on Wednesday it still plans to make a final investment decision to build its proposed $30 billion Driftwood liquefied natural gas (LNG) export project in Louisiana in 2019:* The company, in a first-quarter earnings statement, said it was on track to make a final investment decision in 2019, start construction in 2019 and begin operations in 2023.* Driftwood is designed to produce 27.6 million tonnes per annum (MTPA) of LNG or about 4 billion cubic feet per day (bcfd) of natural gas. One billion cubic feet of gas is enough to fuel about 5 million U.S. homes for a day.* The company has said the first phase will likely comprise 16.6 MTPA.* Driftwood is one of more than a dozen U.S.

18 Apr 2019

Voser Steps in as Interim CEO at ABB

Peter Voser (Photo: ABB)

ABB Chief Executive Ulrich Spiesshofer has quit the Swiss industrial group as the board and major shareholders look for a speedier turnaround at the maker of industrial robots and supplier of factory automation.Spiesshofer’s abrupt exit follows the launch of the biggest overhaul in ABB’s 31-year history to reposition the company more toward digital industries and agreeing to activist shareholder demands to sell its power grids business.But the latest revamp by the former management consultant failed to revitalize ABB’s stock…

27 Mar 2019

Arctic (& Wind) Operations: Hands Across the Water

Renderings of the proposed Aeolus wind support fleet

As the North American offshore wind model evolves, it is clear that fit-for-purpose, Jones Act compliant and Arctic ready tonnage will need to be part of the equation. If so, we’ve got that box checked, with a little help from Europe.As of September 2018, the Walney Extension off the United Kingdom is the largest offshore wind farm in the world at 659 megawatts. There are at least 70 major wind farms, each with hundreds of wind turbines, each generating as much as 10 megawatts in offshore England, the North Sea, Russia and China.

24 Mar 2019

Hydrogen Fuel for Zero Emission Cruise Ships

Pic: GE Power Conversion

General Electric’s (GE) Power Conversion business and Nedstack, Dutch fuel cell manufacturer, have entered into a partnership to develop hydrogen fuel cell systems for powering zero-emission cruise vessels.The two companies envisage using this technology on passenger ships, replacing traditional diesel engines with fuel cells, and heavy fuel oil (HFO) with hydrogen."This partnership brings together GE’s recognized expertise in cruise electrical power and propulsion solutions plus system integration capability…

17 Feb 2019

Panama Canal Appoints New Administrator

Ricaurte Vasquez. Pic: Florida State University

The Panama Canal Board of Directors announced the appointment of Ricaurte Vasquez as the next Panama Canal Administrator.According to a press note from the artificial 82 km waterway in Panama that connects the Atlantic Ocean with the Pacific Ocean, Vasquez will take office on September 4, 2019, succeeding current Administrator Jorge L. Quijano, who concludes his seven-year term at the helm of the waterway.The decision was made by the Board of Directors in accordance to an independent…

15 Jan 2019

Offshore Wind Market Expected to Reach $50 bln by 2023

Image: Siemens

The global offshore wind energy market is poised to grow over USD 49.74 billion by 2023 at an estimated CAGR of around 11.12% during the period 2017 to 2023.The growth in this sector can be attributed to the increasing demand for clean and reliable energy in order to reduce the global carbon emissions and to maintain ecological balance by generating electricity through renewable resources, said a report by Market Research Future.However, high initiating capital cost of the projects with high maintenance cost and logistics issues, can hinder the offshore wind market.

23 Aug 2018

Scott Phillips Appointed Hiab President

Scott Phillips. Photo: Cargotec

Scott Phillips has been appointed President of Hiab crane manufacturing division of Cargotec group as of 1 October 2018. He will be a member of the Cargotec Executive Board and report to CEO Mika Vehviläinen. Scott Phillips joins Cargotec from General Electric where he holds the position of Vice President and CEO Mining. Prior to that, he has during his 28 years' career held various global leadership positions in the construction and mining industries, working for Sandvik and Caterpillar Inc., among others. "I warmly welcome Scott to Cargotec and Hiab.

02 Aug 2018

Bad Weather Stalls Bangladesh FSRU Hook Up

Excelerate CFO Nick Bedford and representatives from IFC, the Bangladeshi government, Petrobangla, and project lenders at the signing ceremony in Dhaka in the summer of 2017. IFC, a member of the World Bank Group, and Excelerate Energy Bangladesh Limited (Excelerate) are co-developing the Moheshkhali Floating LNG project – Bangladesh’s first liquefied natural gas (LNG) import terminal. (Image: Excelerate)

A vessel that arrived in Bangladesh in April to offload its maiden cargo of liquefied natural gas and moor permanently as an import terminal should begin operations "within a week" after bad weather hampered its start-up, an official said on Thursday.The floating storage and regasification unit (FSRU) will allow Bangladesh to import LNG for the first time as its domestic gas production falls and will boost several power projects in a nation where 30 percent go without electricity.Since its arrival at Moheshkhali…

28 Jun 2018

Vestas, Maersk Tackle wind turbine Transport, Installation Costs

file Image: A typical Vestas Wind turbine installation. CREDIT: Vestas

Project has secured $7.3 mln in public funding; sector races to build ever bigger turbines. Danish wind turbine maker Vestas and offshore services firm Maersk Supply Service are teaming up to tackle the cost of transporting and installing ever larger wind turbines. Seeking to remain profitable as European countries phase out subsidies, the industry is turning to ever bigger turbines to harness power more efficiently and respond to pricing pressure for new equipment around the globe. Vestas and fellow Danish company Maersk Supply Service, part of A.P.

29 Jun 2018

U.S. Rig Count Drops, But E&P Spend Up 13%

Image: © xmentoys/Adobe Stock

U.S. energy companies this week cut oil rigs for a second straight week, and notched the first monthly fall since March.Drillers cut four oil rigs in the week to June 29, bringing the total count down to 858, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. <RIG-OL-USA-BHI>That was the first time drillers cut rigs for two weeks in a row since October 2017. For the month, the rig count decreased by one, its first decline since March.For the quarter…

19 Jun 2017

Air New Zealand Wins Deal to Service US Navy Engines

Air New Zealand said its Gas Turbines business unit has been awarded four contracts from the U.S. Navy worth up to $42 million to service its fleet’s gas turbine engines. The contracts will see the Auckland based Gas Turbines team carry out maintenance and overhaul work of the General Electric LM2500 gas turbines that power much of the U.S. Navy fleet for the next few years. Air New Zealand Chief Operations Officer Bruce Parton said the contracts are an important win for the airline, and the company participated in aa competitive bidding process to secure the work. Air New Zealand Gas Turbines is a business unit of Air New Zealand, providing gas turbine overhaul and repair services to clients across a range of industries.

01 Sep 2017

US Drillers Add No Oil Rigs as Harvey Slows Production

Photo: NASA Goddard MODIS Rapid Response Team

U.S. energy firms did not add any oil rigs this week as Hurricane Harvey barrelled into the nation's energy heartland, forcing drillers to halt production and refiners to shut plants. The total oil rig count for the week ended Friday stayed at 759, General Electric Co's Baker Hughes energy services firm said in its report on Friday. That compares with 407 active oil rigs during the same week a year ago. Drillers have added rigs in 56 of the past 67 weeks since the start of June 2016. The rig count is an early indicator of future output.

02 Oct 2017

GE's Chairman Jeff Immelt Retires

U.S. industrial conglomerate General Electric Co's chairman Jeff Immelt retired earlier-than-expected on Monday, with the company naming Chief Executive John Flannery as his replacement. Immelt, who was expected to retire by the end of this year, had resigned as GE's CEO in June amid amounting pressure from activist-investor Nelson Peltz's Trian Fund Management for operation changes. GE said Immelt also retired as director and chairman of the board of directors of Baker Hughes, a GE company. Baker Hughes' CEO Lorenzo Simonelli will succeed Immelt as chairman of the company's board. W. Geoffrey Beattie was also appointed as lead independent director at Baker Hughes, GE said.

17 Nov 2017

US Oil Rig Count Steady this Week -Baker Hughes

© Aneese / Adobe Stock

U.S. energy companies kept the oil rig count unchanged this week, General Electric Co's Baker Hughes energy services firm said on Friday, as some analysts expect a gradual decline in overall rigs in the fourth quarter and in 2018. The rig count, an early indicator of future output, held at 738 in the week to Nov. 17, still much higher than 471 rigs a year ago as energy companies boosted spending plans for 2017 as crude started recovering from a two-year price crash. The increase in drilling lasted 14 months before stalling in August…

21 Dec 2017

Damen Bags Special Steel Tanks Contract

Johan Dasht (CEO, OKG) and Flip van der Waal (Managing Director, Damen Oskarshamnsvarvet). Photo: Damen Shipyards Group

Damen Oskarshamnsvarvet Sweden has been awarded the contract to manufacture high-precision special steel tanks together with their integrated cassettes for OKG; operator of three nuclear reactors on Sweden’s Simpevarp peninsula. With two reactors due to be decommissioned and dismantled, the tanks will be used to store radioactive reactor parts as part of the disposal process. While Damen Oskarshamnsvarvet Sweden is best known as one of the ship repair and conversion yards in the Baltic Sea…

15 Mar 2018

Emissions Regulations: 'It's Not Easy Being Green'

(Photo: Robert Kunkel)

Nor is it getting any easier to understand when, how and why to comply. Whether your marine operation is a major corporation or a family “mom and pop” company, the type of fuel you now burn or for that matter what emanates from your stack each day after the burn has now become a major source of confusion. As Kermit the Frog once said, we will now know what its like to be green. Some believe the discussion is a new subject. It is not. Those of us that work the oceans, rivers and sounds for a living always had a concern of how much fuel we burn and what the quality of that fuel was.

20 Apr 2018

GE Profit Tops Estimates

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.

24 Apr 2018

GE to Trial World’s Largest Wind Turbine in UK

(Image: GE Renewable Energy)

U.S. conglomerate General Electric will test the world's largest wind turbine in a facility in northeast England, it said on Tuesday. GE Renewable Energy, the renewable arm of the U.S. firm, and the British government-funded Offshore Renewable Energy Catapult signed a five-year agreement to test GE's Haliade-X 12 megawatt (MW) turbine in Blyth, Northumberland. "This is an important agreement because it will enable us to prove Haliade-X in a faster way by putting it under controlled and extreme conditions," John Lavelle, president & CEO of GE's Offshore Wind business said in a statement.

03 May 2018

In US Gulf, Robots, Drones Take on Dangerous Offshore Oil Work

File Image: A photo taken during an offshore DNV GL Drone-enabled survey (CREDIT: DNV GL)

At BP's massive Thunder Horse oil platform in the U.S. Gulf of Mexico, a dog-sized robot called Maggie uses magnetic tracks to creep along pipes connecting the giant oil facility to the sea floor. Before MaggHD, dubbed "Maggie" by BP, the dangerous inspection job was reserved for highly paid specialist technicians who did their jobs while rappelling along the platform. The energy industry has turned to robots and drones to cut costs and improve safety in some of the world's tougher working environments. Drones inspect gear high up on floating rigs.

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