GE Oil and Gas
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| Subsidiary | |
| Industry | Oil & Gas |
| Predecessor | GE Energy |
| Headquarters | London, United Kingdom |
Key people | Lorenzo Simonelli (CEO) |
| Revenue | US$ 16.5 billion (2015) |
| Parent | General Electric |
| Website |
www |
GE Oil & Gas, a subsidiary of American multinational conglomerate, General Electric, is headquartered in London, United Kingdom. The company is present in all segments of the oil and gas value chain, including drilling, subsea and offshore, onshore, LNG, distributed gas, pipeline and storage, refinery and petrochemicals. GE Oil & Gas also provides industrial power generation and compression solutions to the refining and petrochemicals segments, along with pipeline solutions and a wide range of sensing, inspection and monitoring technologies. GE Oil & Gas leverages technological innovation from other GE businesses, such as GE Aviation and GE Healthcare, to continuously improve oil and gas industry performance, output and productivity.
History
GE entered the oil and gas industry through its acquisition of Italian company, Nuovo Pignone in 1994, and since then has gone on to further expand its global presence in the oil and gas industry.
GE’s acquisition strategy focuses on high-growth areas in the value stream, with the timeline below summarizing some of the main events that have led to its evolution as a recognised player in the oil and gas space:
- In 2002 – GE Energy acquired Bently Nevada Corp., a manufacturer of machinery monitoring and diagnostics devices. Products include plant asset management systems related to vibration monitoring, machinery protection, software and engineering services.
- In 2007 – GE announced expansion of its presence in the oil and gas sector, with the acquisition of VetcoGray, a supplier of drilling, completion and production equipment for on- and offshore oil and gas fields, including subsea applications.
- In 2007 – GE purchased UK-based oilfield services technology company, Sondex Plc., a manufacturer of electromechanical equipment used in oil and gas fields, including devices for measuring well performance and the quality of hydrocarbons being recovered.
- In 2008 – GE acquisition of Hydril Pressure Control, a supplier of pressure control equipment used in the oil and gas drilling industry, with a special focus on deep and ultra-deepwater applications - with product lines including Blowout Preventer (BOP) systems, parts, repair and field services.
- In 2011– GE completed the acquisition of John Wood Group PLC’s Well Support Division, expanding its drilling and surface manufacturing, and services portfolio, with products including electric submersible pumps (ESP), surface wellheads, trees and logging services.
- Also in 2011– GE acquired Wellstream Holdings PLC. This acquisition complemented the existing portfolio with the addition of engineering and manufacturing capabilities for flexible risers and flowline products for oil and gas transportation in the subsea production industry.
- The same year, GE added compression, flow technology, measurement and distribution infrastructure, and services from Dresser Inc. to its portfolio.
GE Oil & Gas then announced the expansion of its presence in the liquefied natural gas (LNG) space, through the 2013 acquisition of Salof Companies. This preceded its acquisition of Lufkin Industries- manufacturer of artificial lift equipment, the same year. Most recently, GE Oil & Gas acquired Cameron’s Reciprocating Compression Division in 2014 -– and subsea intervention company, Advantec, in October 2015.
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