GE (NYSE:GE) today formally announced that it has signed an agreement to
acquire the Subsea Electric Actuator product line of Oceaneering, a
global provider of engineering services and products to the oil and gas
industry.
The product line goes to market under the Oceaneering Subsea All
Electric and Ifokus brand, which specializes in the design and
manufacturing of specialty subsea products, with a focus on electric
valve actuators. The closing of the deal—subject to the standard
regulatory approvals—is expected to be completed in the first quarter of
2015.
“We are extremely pleased to sign our agreement with GE, which has the
global resources, subsea controls technology and systems integration
expertise required to bring Ifokus technology to full-scale commercial
production to meet the growing demands for subsea electrification,” said
Mark Peterson, Oceaneering’s vice president of corporate development.
Oceaneering’s 16-strong Stavanger-based engineering team dedicated to
the Electric Actuator product line will join GE Oil & Gas, transitioning
into the Subsea Systems business that also has operations based in
Stavanger, Norway.
Rod Christie, CEO of GE Oil & Gas’ Subsea Systems business, explained:
“With Ifokus as part of our solutions portfolio, GE has the opportunity
to pave the way for electrification in the oil and gas subsea space,
giving us a new technology that is faster to operate for processing
applications, has excellent enhanced diagnostic capabilities and can be
seamlessly integrated into a customer’s existing controls,
communications and power network.”
Ifokus is at the forefront of the offshore industry’s efforts to enhance
conventional, hydraulic fluid-based subsea controls equipment with
faster electric actuation systems that offer increased diagnostic
capabilities.
Electric actuators are fitted to the subsea systems that control the
flow, usually oil or gas, out of the well or the injection of fluids
into the well to enhance recovery. Electric actuators appeal to
operators because they offer potentially lower overall system costs and
are more environmentally compatible by reducing the risk of hydraulic
fluid leaks.
The technology is ideally suited for complex subsea processing
applications and more difficult extraction environments such as
deepwater fields, or fields with longer offsets from the shoreline. With
the end of easy oil recovery, this is expected to be a key growth
segment for the industry.
About Oceaneering
Oceaneering is a global provider of engineered services and products,
primarily to the offshore oil and gas industry, with a focus on
deepwater applications. Through the use of its advanced technology
expertise, Oceaneering also serves the defense, entertainment, and
aerospace industries.
About GE
GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.
About GE Oil & Gas
GE Oil & Gas works on the things that matter in the oil and gas
industry. In collaboration with our customers, we push the boundaries of
technology to bring energy to the world. From extraction to
transportation to end use, we address today's toughest challenges in
order to fuel the future. Follow GE Oil & Gas on Twitter @GE_OilandGas.
Copyright Business Wire 2014