Siemens Energy settles with US over gas turbine contract dispute
Siemens Energy said it had agreed to pay $104m to settle with U.S. Authorities after using stolen trade secrets five years ago to inflate its bids on contracts. The proposed settlement between a U.S. Court in Virginia and Siemens Energy revolves around allegations that Siemens Energy used stolen trade secrets to bid for gas turbine equipment, as well as servicing, to Dominion Energy Inc. in 2019. The court will have to approve the settlement, which is scheduled on Dec.
Wall St Week- US stock rally expands as investors wait for Fed
Investors worried about technology stocks can take heart from the broadening rally of U.S. shares. The markets are awaiting key job data and Federal Reserve rate cuts expected in September. Investors are putting their money into less popular value stocks and smaller companies, as the fortunes of big tech stocks like Nvidia and Apple continue to rise and fall. They expect lower interest rates to help these stocks.
GE Vernova turbine blades fail at UK offshore wind farm
GE Vernova shares dropped nearly 7% Friday after a failure of a blade at an offshore windfarm in the UK. This is the latest incident involving equipment from the power services firm. According to a project statement, the incident occurred at the Dogger Bank A Project, which is located over 130 km off of the northeast coast England. GE Vernova stated that no injuries had been reported and it was currently investigating the blade failure without providing any details.
Baker Hughes Profit Rises on Strong Foreign Demand
Baker Hughes Co reported a rise in quarterly adjusted profit on Wednesday, helped by increased demand for its oilfield services and higher margins for its turbomachinery such as gas turbines and compressors.The company's results contrasted with steep falls in revenue reported by some of its rivals in the oilfield services industry as it benefited from stronger equipment sales to customers building liquefied natural gas plants and a rise in business outside the United States.The company…
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.
U.S. Drillers Cut Rigs Again: Baker Hughes
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…
GERE Goes Carbon Neutral
GE Renewable Energy, the renewable energy arm of US industrial technology giant General Electric, announced its plan to make 100 percent of its operations carbon neutral by the end of 2020.GE Renewable Energy will reach carbon neutrality by reducing emissions through operational efficiencies, securing renewable electricity supply to all GE Renewable Energy sites throughout its operations for wind, offshore wind…
US Rig Count Slides
U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row as producers cut spending, leading to slower growth in crude output.Drillers cut five oil rigs in the week to Sept. 13, bringing the total count down to 733, the lowest since November 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…
GE to Shed Majority Control of Baker Hughes
General Electric is looking to raise up to $3 billion in sale of majority-owned Baker Hughes shares, resulting in a reduction of the U.S industrial conglomerate's stake in the oilfield services provider to less than 50%, Baker Hughes said on Tuesday.Shares of Baker Hughes, in which GE owned an about 50.4% stake as of June 30, fell 3.7% to $23.20 in after hours trading, while GE's were marginally up at $9.15.GE…
Baker Hughes: U.S. Oil Drillers Cut Rigs Again
U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row after drilling slowed for nine straight months as independent producers cut spending by about 10% this year.Drillers cut four oil rigs in the week to Sept. 6, bringing the total count down to 738, the lowest since November 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.
US Drillers Add Oil Rigs
U.S. energy firms this week increased the number of oil rigs operating for the first time in seven weeks despite plans by most producers to cut spending on new drilling this year.Companies added six oil rigs in the week to Aug. 16, the biggest increase since April, bringing the total count to 770, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.In the same week a year ago…
Equinor,YPF Pact on Argentina Wind Power
Norwegian multinational energy company Equinor ASA and Argentine power producer YPF Luz have joined for the development of the Cañadón León wind farm in Santa Cruz in Argentina.As per agreement, a subsidiary of Equinor will subscribe to shares in Luz del León. The shareholders of YPF Luz are YPF S.A and an affiliate of General Electric.The agreement establishes that Equinor will have a 50% stake of Luz del León, with an equity contribution of USD 30 million.
Baker Hughes: U.S. Cuts Rigs for Fifth Straight Week
U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row as most independent producers cut spending even though majors were still pushing ahead with investments in new drilling.Drillers cut six oil rigs in the week to Aug. 2, bringing the total count down to 770, the lowest since February 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.
US Drillers Add Rigs
U.S. energy firms this week increased the number of oil rigs operating for a second week in a row with oil futures up about 12% over the past couple of weeks despite plans by most producers to cut spending on new drilling this year.The rig count, however, was still down 92, or 10%, since the start of the year.Companies added four oil rigs in the week to June 28, bringing the total count to 793, General Electric…
US Rig Count Climbs
U.S. energy firms increased the number of oil rigs operating for the first time in the past three weeks as U.S. crude futures soared around 10% this week.Big energy price declines over the prior couple of months, however, prompted one analyst to cut rig count forecasts for 2019 and 2020.Companies added one oil rig in the week to June 21, bringing the total count to 789, General Electric Co's Baker Hughes energy…
Vattenfall May Raise Offshore Wind Target
Sweden's Vattenfall may raise its target for installing offshore wind power generation in Europe beyond the 11,000 megawatts (MW) it now plans to have in place by 2025, an executive said.Gunnar Groebler, the Swedish power firm's board member in charge of wind, had announced the 11,000 MW target in January, after installed capacity reached 3,000 MW at the end of 2018.But he told Reuters on Wednesday that such targets needed "constant monitoring and reviewing.""It could become more…
Simec Inks Technology Partnership with GE
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…
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…
Voser Steps in as Interim CEO at 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…
US Rig Count Dips
U.S. energy firms this week reduced the number of oil rigs operating for the first time in three weeks as production growth forecasts from shale, the country's largest oil fields, continue to shrink.Drillers cut eight oil rigs in the week to April 18, bringing the total count down to 825, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Thursday.Baker Hughes released the report a day early this week due to the Good Friday holiday.The U.S.
