Baker Hughes Finalizes Name Change
Baker Hughes has officially dropped GE from its name after the industrial conglomerate shed majority ownership in the oilfield services company in September.Formerly Baker Hughes, a GE company, the firm will now be known as Baker Hughes, and on Friday its Class A common stock will begin trading on the New York Stock Exchange under the symbol BKR, it said.Following the July 2017 merger between Baker Hughes and GE Oil & Gas, General Electric had owned 62.5% of the combined company. GE reduced its stake to 50.4% in November 2018, and then again to 36.8% in September.GE said it plans to continue divesting the remainder of its holding in Baker Hughes over time.
Repsol to Buy LNG from Venture Global
Venture Global LNG announced that it has entered into a 20-year, binding Sales and Purchase Agreement (SPA) with Repsol for the supply of one million tonnes per annum (MTPA) of liquefied natural gas from the Venture Global Calcasieu Pass LNG export facility, currently under development in Cameron Parish, Louisiana, USA.Under this agreement, Repsol will purchase LNG on a free on board (FOB) basis for a 20-year term, starting from the commercial operation date of the Venture Global Calcasieu Pass LNG export facility, currently expected in 2022 upon Final Investment Decision and the satisfaction of other customary conditions precedent.Mike Sabel and Bob Pender…
The Culture Clash Behind GE's Exit from Baker Hughes
When General Electric Co bought oilfield services giant Baker Hughes last July, it created a global industry colossus with $22 billion in annual revenue. GE promised to digitalize oilfields worldwide, marrying its expertise in big data, analytical software and subsea equipment with Baker Hughes' experience in drilling services, chemicals and tools. Less than a year later, GE is bailing out of the deal, the firm announced Tuesday, planning to sell its 63 percent stake in the combined firm over time as part of a larger move to simplify its business and reduce debt.
GE to Divest Baker Hughes Stake
General Electric Co said on Tuesday it will spin off its healthcare business and divest its stake in oil-services company Baker Hughes, leaving the once-sprawling conglomerate focused on jet engines, power plants and renewable energy. The changes aim to reward battered shareholders and strengthen GE's balance sheet by reducing debt, building up cash and further shrinking GE Capital, GE said. Shareholders will receive 80 percent of the value of GE Healthcare as a tax-free distribution, GE said. GE shares jumped 5.2 percent at $13.41 in premarket trading.
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.
Baker Hughes Profit Beats on Oilfield Services Growth
Baker Hughes, the oilfield services company controlled by General Electric, posted a quarterly profit that beat Wall Street estimates on Friday as improving oil prices prompted companies to ramp up production. The cost of a barrel of U.S. crude rose 7.5 percent in the first quarter, energizing oil producers to step up investments after holding back over the past few years to counter a steep drop in prices. Baker Hughes said oilfield services revenue, which accounted for half of overall sales, rose 10.1 percent to $2.64 billion in the quarter, with the company winning major contracts in the Permian Basin and the Gulf of Mexico.
Corbin Joins Sparrows Group as European Director
Sparrows Group has appointed Matt Corbin as its regional operations director for the UK and Europe to support the company’s continued growth in the oil and gas, renewables and industrial sectors. Corbin, who has more than 20 years’ experience working in the oil and gas industry, has held several leadership positions including UK managing director for the subsea division of Aker Solutions and UK regional general manger for GE Oil & Gas. Most recently, he was supply chain consultant to the UK Government’s regulatory body, the Oil and Gas Authority (OGA) and contributed to Oil & Gas UK’s Efficiency Task Force.
Baker Hughes Clinches Contract for PNG Gas Field
Baker Hughes, now part of General Electric, has won a major contract to provide a wide range of services to develop Papua New Guinea's first offshore gas field which is sees as a new model to help producers adapt to a world of low oil prices. GE Oil and Gas completed its merger with Baker Hughes last month to become the world's second largest oilfield services company, bringing together traditional drilling and pumping gear with technology such as software, sensors and three-dimensional printing. The contract in Papua New Guinea (PNG)…
Baker Hughes Posts Smaller 2Q Loss
Oilfield services provider Baker Hughes , now part of General Electric Co, on Friday reported a smaller quarterly loss compared with a year earlier, when it incurred restructuring charges. Net loss attributable to Baker Hughes narrowed to $179 million, or 42 cents per share in the second quarter ended June 30, from $911 million, or $2.08 per share, a year earlier. Revenue fell slightly to $2.40 billion from $2.41 billion. Baker Hughes said the numbers did not include results from GE's oil and gas operations, which were merged with Baker Hughes earlier this month. Reporting by Sruthi Shankar and Yashaswini Swamynathan
GE Closes Baker Hughes Deal, Becomes No. 2 Oilfield Service Provider
General Electric Co on Monday completed its buyout of Baker Hughes Inc, merging it with its own oil and gas equipment and services operations to create the world's second-largest oilfield service provider by revenue. With headquarters in London and Houston, the combined company will have roughly $23 billion in annual revenue and offer oilfield gear including blowout preventers, pumps, drilling, chemicals, other products and services for oil producers in 120 countries. For Baker Hughes, the deal helps it grow in size and become an even-more important player in the industry after antitrust concerns scuttled a tie-up last year with rival Halliburton Co .
Big Oil turns to Big Data for Drilling Economies
In today's U.S. shale fields, tiny sensors attached to production gear harvest data on everything from pumping pressure to the heat and rotational speed of drill bits boring into the rocky earth. The sensors are leading Big Oil's mining of so-called big data, with some firms envisioning billions of dollars in savings over time by avoiding outages, managing supplies and identifying safety hazards. The industry has long used sophisticated technologies to find oil and gas. But only recently have oil firms pooled data from across the company for wider operating efficiencies - one of many cost-cutting efforts spurred by the two-year downturn in crude oil prices.
Pemex Delves Deep into UK Subsea Sector
Senior figures from Mexico’s national oil company, Pemex, have been discovering the secrets of the UK subsea sector’s success and how it has revolutionized the way in which hydrocarbons have been extracted from beneath the seabed during a fact-finding visit to Aberdeen. Organized in partnership with the Department of International Trade (DIT), the five-day subsea learning event included site visits to some of the sector’s most innovative companies, including GE Oil & Gas, Aker Solutions, Hydrasun, Wood Group, BP and ROVOP. The delegation experienced what it’s like to operate a remotely operated vehicle (ROV)…
Partners to Develop Western Australia LNG Supply
Woodside and GE have signed an agreement to work together to support the use of LNG as a fuel in Western Australia. The agreement will provide customers with the option of seamless access to reliable LNG fuel supply and gas-fuelled transport and power generation solutions. Woodside CEO Peter Coleman said that this type of collaboration was key to development of the LNG fuel market in Western Australia. “The agreement between our companies will harness the combined experience and offerings of Woodside and GE, allowing customers to choose LNG as a fuel that will deliver significant cost and emissions reductions.
Cairn Appoints Giadrossi as Non-Executive Director
Cairn has appointed Nicoletta Giadrossi as an independent non-executive director with effect from 10 January 2017. Nicoletta will also become a member of the Company’s remuneration committee. Nicoletta Giadrossi holds a BA in Mathematics & Economics from Yale University and an MBA from Harvard Business School. She began her career with The Boston Consulting Group before moving to General Electric, where she progressed through a series of P&L management roles in several European divisions in Equipment and Capital Goods before taking on global responsibility for GE’s Oil & Gas Refinery & Petrochemicals Division, based in Florence.
Neptune Expands Into United States
Neptune Marine Services (Neptune), a provider of specialized engineering, integrated inspection, repair and maintenance solutions to the energy industries, is targeting further growth overseas with its new office in the U.S. Supported by the demand from the company’s key North Sea clientele, Neptune has established an office in Houston, Texas. Operating under the name Neptune Subsea Inc., it will enable Neptune to provide the full suite of Neptune’s services to clients within the Gulf of Mexico and the Americas. John Allen, a Houston based strategic business development advisor…
GE to Merge Oil & Gas Unit with Baker Hughes
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.
Potential Oil Output Deal Prompts Another Worry: A Shortage
While OPEC and other big crude producers work towards a deal to cap production to erode a glut, industry executives are concerned the sharp drop in investment that followed the oil price crash could lead to another crisis - a supply shortage. Over $1 trillion worth of oil projects have been cancelled or delayed, Saudi Energy Minister Khalid al-Falih said on Monday at the World Energy Congress in Istanbul, after companies slashed budgets due to oil prices more than halving to around $50 a barrel since mid-2014. Oil fields take years to develop. In many cases, a decision taken in 2016 to develop a field means oil production will start in around 2020.
NOV, GE to Provide Integrated Solutions for FPSOs
National Oilwell Varco, Inc. (NOV) and GE Oil & Gas has agreed to collaborate on delivering integrated solutions for Floating Production Storage and Offloading (FPSO) vessels. The agreement brings together the product offerings and engineering capabilities from the two companies to optimize engineering design and supply comprehensive topside solutions for FPSO projects. NOV engineers and manufactures advanced fluids pumping, treatment and processing systems; composite piping systems; cranes and deck machinery; and sophisticated, disconnectable turret mooring systems for FPSOs and related vessels.
Qatar Navigation to buy Qatar Petroleum stake in Al Shaheen
Qatar Navigation (Milaha) has reached a preliminary agreement to buy Qatar Petroleum's stake in oilfield services firm Al Shaheen Holding, Milaha said in a bourse filing on Sunday. Qatar Petroleum hired HSBC in February to advise it on the sale of Al Shaheen as the state-owned Qatari energy giant, grappling with low oil and natural gas prices, seeks to divest from non-core businesses. Al Shaheen has three joint ventures in oilfield services, two with GE Oil and Gas and one with the Middle East unit of Weatherford. Qatar Navigation said…
GE, Technip Ink LNG Project Deal
TGE Oil & Gas (NYSE: GE) and Technip (Euronext: TEC) have today signed a Memorandum of Understanding for a joint project to explore areas to co-develop digital solutions for the LNG industry, with a particular focus on the design and build phase of new Liquefied Natural Gas (LNG) projects. The two companies will work together to evaluate the application of digital solutions to the engineering, construction, commissioning, startup and operation of LNG facilities. All solutions under consideration would encompass Technip and GE Oil & Gas expertise in digital tools and be powered by Predix…
