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.
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…
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.
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…
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.
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.
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.
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 Petroleum Picks HSBC as Adviser on Al Shaheen Sale
Qatar Petroleum has chosen HSBC to advise it on the sale of its Al Shaheen Holding subsidiary, three sources with knowledge of the matter said on Thursday, as it seeks to cut costs in response to lower oil prices. The chief executive of the state-owned Qatari firm said in June it would reduce staff numbers as part of a restructuring, which would also see it exit all non-core businesses. Among these businesses is Al Shaheen, a holding company fully owned by Qatar Petroleum and which has three joint ventures in the oilfield services industry.
Winners of GE, Statoil's Open Innovation Challenge
GE and Statoil’s Sustainability Collaboration announced today the five winners of its inaugural Open Innovation Challenge that focused on addressing the use of sand in unconventional operations. Five Winning Technologies Address Alternatives for Sand in Shale Development: Sand plays a critical role in shale development and the hydraulic fracturing process. The proppant is mixed with water and injected into a formation to “stimulate” or “prop open” the tiny fractures, enabling oil and natural gas to flow freely.
GE, Statoil Announce Open Innovation Challenge Winners
GE and Statoil’s Sustainability Collaboration announced today the five winners of its inaugural Open Innovation Challenge that focused on addressing the use of sand in unconventional operations. Five Winning Technologies Address Alternatives for Sand in Shale Development: Sand plays a critical role in shale development and the hydraulic fracturing process. The proppant is mixed with water and injected into a formation to “stimulate” or “prop open” the tiny fractures, enabling oil and natural gas to flow freely.
Maersk Drilling Orders 20K™ Blow Out Preventer & Risers
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…
