General Electric Co News

Vineyard Wind, the developer of the first major U.S. offshore wind farm, said on Monday it has asked the Biden administration to restart its permitting process after former President Donald Trump's government abruptly canceled it last month.The company said in a statement it had notified the U.S. Bureau of Ocean Energy Management that the project would not need to change its construction plan as a result of switching to a new turbine supplier, General Electric Co.Last month, Vineyard…

The developer of the first major U.S. offshore wind farm said on Wednesday it will soon apply for a federal permit from President Joe Biden's administration, after former President Donald Trump's government abruptly canceled its initial application last month.Vineyard Wind will resubmit its construction plan to the Bureau of Ocean Energy Management "very very soon," Avangrid Inc CEO Dennis Arriola said in an interview, without specifying an exact date. "We believe that the pause button is going to come off and we're going to continue right where we were…

General Electric Co on Monday named finance head at shipper AP Moller-Maersk as its new chief financial officer in the latest top-level change aimed at turning around the U.S. industrial conglomerate.Carolina Dybeck Happe will start in early 2020 and replaces Jamie Miller, whose departure was announced earlier this year as new Chief Executive Officer Larry Culp seeks to simplify operations and generate cash after booking billions of dollars in losses.The company has been struggling with the fallout of a series of poor long-term financial bets…

U.S. energy firms this week reduced the number of oil rigs operating for a seventh week in a row as producers follow through on plans to cut spending on new drilling this year.Drillers cut 3 oil rigs in the week to Oct. 4, bringing the total count down to 710, the lowest since May 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.In the same week a year ago, there were 861 active rigs.The oil rig count, an early indicator of future output…

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.

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…

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.

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.

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…

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.

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.

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.

The North American spat pitting Canada and Mexico against the United States over meat labels has sown confusion among producers and shippers in all three countries, with a trade war potentially just weeks away. The World Trade Organization on Monday authorized Canada and Mexico, the biggest markets for exported U.S. goods, to retaliate against the United States' meat-labeling rules, setting the annual level at C$1.055 billion for Canada and $228 million for Mexico. The United States took a step towards defusing the row on Wednesday when the U.S. Congress approved a spending bill that includes the repeal of federal laws mandating meatpackers identify where animals are raised and slaughtered.

After six years of digging, General Electric Co. expects to finish this year removing some 2.7 million cubic yards of contaminated river sediment in upper Hudson River in Waterford under its landmark Superfund agreement with the federal Environmental Protection Agency. AP reports that long after the last barge dredging toxins from the bottom of the upper Hudson River moves on, scientists will track the slow fade in contamination levels. General Electric expects to remove enough sediment to fill two Empire State Buildings, but environmental advocates say without more work, 40 percent of the PCBs will be left in the river. After six years of digging, crews will have removed most of the PCBs on the river bottom discharged decades ago from two GE plants upriver.

Approximately three times a week, for six months of the year, trains depart from upstate New York, en route to one of three EPA-approved long-term disposal facilities. The trains, which are loaded with dewatered, PCB-containing sediments, represent the last leg of a complex environmental dredging project undertaken by General Electric Co. in New York’s Upper Hudson River. To keep these trains on schedule, GE relies on two purpose-built material handlers from SENNEBOGEN, an 870 R-HD and an 870 M…

Talks that could lead to oilfield services provider Halliburton Co buying rival Baker Hughes Inc may herald increased deal-making in the energy business as companies bet on a protracted drop in oil prices, industry bankers said. Competing service companies including National Oilwell Varco Inc and Weatherford International may also be targets, bankers and lawyers said. In any deal, the incentives will be the same: consolidation would allow them to better weather the downturn and resist pressure from oil producers to slash prices. The Baker Hughes/Halliburton talks have stalled after the companies weren't able to agree on issues including price, people familiar with the matter said Friday. As oil prices fall, oil field service companies get squeezed, one industry lawyer said.

Natural gas-fueled engines, touted as a clean, low-cost alternative to diesel, continue to struggle for acceptance in the U.S. transportation sector despite a surge in gas production that has sent the alternative fuel's domestic price plunging. U.S. natural gas prices closed on Friday at $3.766 per million British thermal units, down 42 percent since February. At its current levels, natgas is about $1.50 a gallon cheaper than diesel fuel, according to the U.S. Energy Information Administration. For U.S. railroads alone, which consumed 3.6 billion gallons of diesel in 2012, the potential savings are huge. Yet more than a year after Warren Buffett's BNSF Railways Corp generated big headlines with a plan to test a handful of natgas locomotives…

General Electric Co Chief Executive Jeff Immelt said on Wednesday that GE is still going to "work constructively" with the French government on its bid for the power business of Alstom and that he expects the deal to close. GE has encountered resistance to its $16.9 billion proposal from the government, which has sought to encourage Germany's Siemens as a potential rival bidder. "It's a deal that's executable. It's a deal we're experienced in. It's a deal we expect to close," Immelt said at the Electrical Products Group conference.

Kvaerner, which announced in April it was moving out of shipbuilding, reportedly rejected a bid by General Electric Co.'s shipbuilding and defense unit Marconi to buy its Govan shipyard.

Although international engineering and industrial giant Kvaerner is anxious to divest itself of its shipbuilding operations, the company is refusing to sell shipyards simply for the sake of selling them, recently rejecting a bid for its Govan shipyard in Scotland. Kvaerner said a $1.57 million bid by General Electric Co. Plc's defense and shipbuilding unit Marconi Electronic Systems was disappointing and had to be rejected. Kvaerner, Europe's biggest shipbuilder, announced in April its planned withdrawal from shipbuilding and the loss of 25,000 jobs after posting its first losses in more than 30 years. Kvaerner has 13 shipyards spread through the U.S., Singapore, Russia, Norway, Finland and Germany

General Electric Co./GE Aircraft Engines, Cincinnati, Ohio, is being awarded a $16,500,000 (3-year base, estimated) fixed-price with economic price adjustment contract for marine gas turbine engines for the Army, Navy, Air Force, Marine Corps and federal civilian agencies. This contract is for a 3-year base contract with two 3-year option periods. Performance completion date is expected to be Feb. 20, 2007. Contract funds will not expire this fiscal year. There was one proposal solicitation, and one responded. The Defense Supply Center Columbus, Columbus, Ohio, is the contracting activity (SP0760-04-D-9707).

A partnership including Calgary-based Ferus Natural Gas Fuels has unveilled plans to build in Florida the first U.S. terminal to supply liquefied natural gas as fuel for cargo ships, reports 'The Calgary Herald'. The Eagle LNG partnership was announced in September 2013, and includes Ferus, General Electric Co. and Clean Energy Fuels Corp., the transportation-fuel company co-founded by billionare investor T. Boone Pickens; all  three are equal equity partners in the project. Citing Ferus chief executive Dick Brown…

U.S. industrial conglomerate General Electric Co is in advanced talks to buy the global power division of struggling French engineering group Alstom SA for about $13 billion, sources familiar with the matter said on Friday. Sources said a deal was backed by Alstom's main shareholder, French conglomerate Bouygues with 29 percent, and could be announced in the coming days after an Alstom board meeting on Friday afternoon. The board was due to meet again on Sunday to discuss the transaction, French daily Le Figaro said. "Talks are going ahead swiftly, the deal's structure is defined and everything is almost ready," one of the sources said. Alstom Chief Executive Patrick Kron confirmed to union representatives there were talks about an "industrial deal," but did not name GE.