You are currently viewing: News



03-07-2017

GE announces completion of GE Oil & Gas and Baker Hughes merger

GE announced today the completion of the previously announced combination of GE’s oil and gas business with Baker Hughes. Baker Hughes, a GE company is the first and only company to bring together industry-leading equipment, services and digital solutions across the entire spectrum of oil and gas development.

BHGE provides differentiated services for customers by combining digital solutions and technology from the GE Store with the domain expertise of Baker Hughes and its culture of innovation in the oilfield services sector. No other company brings together capabilities across the full value chain of oil and gas activities—from upstream to midstream to downstream. This fullstream portfolio positions BHGE to create new sources of value, improving productivity and project economics through integrated equipment and service offerings.

Jeff Immelt, Chairman and CEO of GE and Chairman of BHGE, said, “BHGE is an industry leader positioned to deliver in any economic environment and assist our customers in driving productivity. This deal capitalizes on the current cycle in oil and gas while also strengthening our position for the market recovery. I am extremely proud of the GE and Baker Hughes teams for completing the combination in just eight months, which is a testament to the team’s unwavering focus and dedication since the announcement last October. As we go forward, the new fullstream offering accelerates our ability to extend a digital framework to customers while delivering world-class technical innovation and service execution. We look forward to continuing a seamless integration for our customers.”

Under the terms of the transaction agreement, which was previously announced on October 31, 2016, the transaction resulted in a partnership structure, pursuant to which Baker Hughes was converted to a partnership and GE contributed its Oil & Gas business into that partnership. GE has a 62.5% interest in this partnership and legacy Baker Hughes shareholders have a 37.5% interest through their ownership of BHGE. Former Baker Hughes shareholders, whose shares converted into shares of Class A common stock of BHGE in the transaction, are also entitled to receive a special one-time cash dividend of $17.50 per share (to be paid on July 6, 2017). $7.4 billion was contributed by GE to the new partnership, which will be used to fund the cash dividend to legacy Baker Hughes shareholders.

Baker Hughes, a GE company is dual headquartered in Houston, Texas and London, UK.

Sponsor : 

Other News Items

Formosa Plastics awards EPFC contract to Wison Engineering

Wison Engineering Services Co. Ltd, one of the leading chemical engineering, procurement and construction management service providers in China, announced that its non-wholly ...

24-07-2017

SNC-Lavalin awarded FEED conversion to EPC contract by Brahms Oil Refineries

SNC-Lavalin has been awarded a contract by Brahms Oil Refineries Limited to undertake a front-end engineering design (FEED) conversion to EPC contract for a 10,000 barrel ...

24-07-2017

Digital innovation themed at the Abu Dhabi International Downstream Summit

The downstream business is looking to further optimise processes with the aim of reducing downtime and increasing efficiency. Digitalisation is the key to unlocking hitherto ...

21-07-2017

LyondellBasell to build the world's largest PO/TBA plant in Texas

LyondellBasell, one of the world's largest plastics, chemicals and refining companies, today announced the final investment decision to build the world's largest propylene ...

21-07-2017

Liaoning Bora Petrochemical selects PP and HDPE Technologies from LyondellBasell

LyondellBasell today announced that Liaoning Bora Petrochemical Co., Ltd, has selected LyondellBasell’s world leading polypropylene (PP) and polyethylene (PE) technologies ...

20-07-2017

Praxair starts up new air separation plant in East China petrochemical park

Praxair Inc, announced it has started up its new air separation plant for Nanjing Jinling Huntsman New Materials Co., Ltd., a joint venture between SINOPEC Jinling and ...

20-07-2017

OMV Petrom starts construction of new Polyfuel unit at Petrobrazi Refinery

OMV Petrom, the largest oil and gas producer in Southeastern Europe, has started construction of the new Polyfuel unit in Petrobrazi Refinery. The new unit will allow ...

19-07-2017

Chevron awards main contractor framework agreement to Audubon Engineering

Audubon Engineering Solutions, a global provider of engineering, procurement, and construction (EPC) services for the oil & gas, petrochemical, refining, and pipeline ...

19-07-2017

Clariant Catalysts expands in China with opening of new office in Yinchuan

Clariant, a world leading company in specialty chemicals, today announced the opening of a new office for its Catalysts business in Yinchuan city, capital of the Ningxia ...

18-07-2017

BCCK Holding Company enters into EPC contract with Blue Mountain Midstream

BCCK Holding Company, a leader in engineering, procurement, fabrication and field construction services, has entered into an engineering, procurement and construction ...

18-07-2017