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A private equity firm, Arcline Investment Management has announced the acquisition of BHGE's Reciprocating Compression division. This division manufactures and services mission-critical compression and engine systems. "We plan to aggressively invest in our long-standing, loyal employee base so that they can support every brand of our equipment operating in the field", commented Arcline. Arcline currently has $1.5 billion of capital under management.
BHGE and C3.ai are entering into a joint venture with an aim to deliver digital transformation technologies to the industry. BHGE's CEO said, "The oil and gas industry is rapidly evolving, and digital technology is critical to achieving increased levels of productivity, efficiency and safety for ourselves and for our customers,". C3.ai technologies including C3 AI Suite and applications will be marketed and deployed in the industry business immediately.
BHGE has unveiled its £31 million subsea centre of excellence in Montrose. This facility will deliver engineering, manufacturing, testing, assembly and services for deepwater technology. This project was supported by the Scottish Government who funded it with £4.9m through Scottish Enterprise. CEO of BHGE's Oilfield Equipment said, "Our industry is transforming and sites like this will enable us to continue to invent and produce these technologies at an accelerated pace".
BHGE will inaugurate its multimodal facility (MMF) for oil and gas in Luanda, Angola. This facility will support customers and projects in Angola and the Southern Africa region. It has the capability to deliver a suite of products and services across the oil and gas value chain which includes oilfield services, oilfield equipment, turbomachinery & process solutions, and digital services. Lunda's facility is the reflection of BHGE's localization strategy.
Baker Hughes has posted pre-tax profits of £106million in the first quarter. The performance of the oilfield service business of the company was a bit disappointing but oilfield equipment 'delivered another strong orders quarter'. “The next wave of LNG projects will be positive for us, and we continue to see encouraging signs in the offshore market”, said BHGE's CEO.
BP has awarded contracts for the Greater Tortue Ahmeyim natural gas project to McDermott International and BHGE. Both the companies have received contracts for subsea umbilicals, risers and flowlines (SURF) and subsea production system (SPS) equipment. BHGE's VP said, "Together with McDermott, we will deliver the best-in-class solution to BP with cost-efficiency and industry-leading safety". The preliminary subsea infrastructure will connect the first four of 12 wells.
Houston-based EPC giant, KBR Inc has announced that oilfield services giant, BHGE was selected for gas turbine driver design. The design also utilizes ConocoPhillips' Optimized Cascade® technology. The mid-scale LNG facilities will normalize around BHGE's technologies, featuring BHGE's LM2500+G5 and LM6000PF gas turbines. Baker’s proven gas turbine technologies will deliver ideal power ratings, speed and power flexibility, long maintenance intervals, and industry-leading efficiencies.
State-run, ADNOC is looking to expand business activities outside UAE. The oil major aims at drilling outside the UAE, apart from a 40% ramp up in drilling of local conventional resources by 2025. Oilfield services giant, BHGE, which owns 5% stakes in ADNOC Drilling, will assist the company in carrying out local drilling operations. ADNOC Drilling recently concluded the first “fully integrated drilling services” well in the Al Dabbyia field.
Oil supermajor BP plc has awarded contracts to McDermott and BHGE for subsea umbilicals, risers and flowlines (SURF) and subsea production system (SPS) equipment. The contract pertains to the Greater Tortue Ahmeyim natural gas project, offshore Mauritania and Senegal. The latest awards to McDermott and BHGE comes after an initial FEED phase, awarded in March 2018, during which the firms operated together on a four-well development phase.
Baker Hughes, a GE Company has introduced MILLITE lightweight frac plug. This frac plug is said to be different from the conventional plugs available in the market. The plug has been constructed using alloy material and does not contain any heavy metal or ceramic part. MILLITE enables smooth milling and enhanced clean up. Further, it eliminates the preset risk and has safe run-in rates in excess of 600 ft/min.
BHGE has reported its fourth quarter results. The year 2018 also marked the first full year for BHGE as a combined company . BHGE has completed $6.9 billion in orders which is the largest in 3 years. The revenue generated by BHGE was $6.3 billion and the free cash flow was $876 million. The CEO said, "We moved beyond the initial integration phase into the next chapter for BHGE."
BHGE unveiled LUMEN digital methane detection platform, designed for monitoring the levels of methane for oil and gas operators. The platform deploys ground-based and drone-based sensor systems to monitor levels of methane. The oilfield services giant unveiled the platform on the first day of BHGE’s 20th annual meeting in Italy. LUMEN leverages machine learning and proprietary algorithms to provide methane concentration data.
McDermott International and BHGE have signed a MoU with Western Gas Corporation Pty Ltd, announced America’s multinational EPC Company. These two companies will be the exclusive development partners for the Equus Gas Project in Western Australia. Work scope of this contract will include advancement of pre-FEED and FEED to final investment decision (FID). BHGE and McDermott will commence EPCIC after FID for the entire field development.
Baker Hughes, a GE company has taken an initiative to enhance oil production, optimize production and save costs in Oman. The energy major has joined forces with the Petroleum Development Oman (PDO) for the same. They will be opening the first artificial lift systems assembly and repair facility in Oman in order to support PDO’s operations and customers in the region.
BHGE has come up with a new deepwater modular technology, combining planning and risk management. The company has informed about the launch of Subsea Connect, and Aptara TOTEX-lite subsea system, a new approach towards subsea development. It also unravels additional 16 Bbbl of global reserves. It will provide 4 key solutions: Project Connect, Reservoir to Topsides Technology Solutions, Flexible Partnerships and Commercial Models and Digital Enablement.
McDermott International has secured a contract for concept and engineering services for Talos Energy's Zama field project. McDermott will manage this contract with io oil & gas consulting, a JV between McDermott and BHGE. The EPC giant will provide the follow-on pre-FEED services, based on the final concept solution identified by io. Work is expected for completion in 3Q2019.The Zama development is the first offshore Mexico block awarded to a private operator.
Baker Hughes, a GE company, and General Electric have entered into a long-term agreement that will elevate their commercial and technological relationships to the next level. The agreements emphasize long-term collaboration on critical rotating equipment, BHGE access to GE Digital software and technology, and operations and pricing within BHGE digital solutions. With these, both the firms look forward to delivering high-value technologies and solutions to customers across the globe.
Saudi Arabia yesterday inked deals worth $50 billion in the capital city, Riyadh. The deals are concerned with sectors of oil, gas, infrastructure and others and were announced at the Future Investment Initiative. According to state television, the firms involved in the deals includes commodities trader Trafigura, Total, Hyundai, Norinco, Schlumberger, Halliburton and Baker Hughes. State-owned Saudi Aramco entered into agreements with 15 international firms worth more than $34 billion.