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

Honeywell helps BASF turn hazardous waste into clean energy

Honeywell Process Solutions (HPS) today announced that BASF has opened a state-of-the-art control room equipped with Honeywell Experion® technology at its waste incineration ...

18-01-2018

CB&I announces joint development agreement with Saudi Aramco

CB&I today announced it has entered into a Joint Development Agreement with Saudi Aramco that includes Chevron Lummus Global (CLG), CB&I's joint venture with ...

18-01-2018

Emerson completes acquisition of ProSys

Emerson today announced it has acquired ProSys Inc, a global supplier of software and services that increase production and safety for the chemical, oil and gas, pulp ...

17-01-2018

NAPCON to reshape the process industry with artificial intelligence

Neste's NAPCON product family is bringing about the next industrial revolution with products that utilize modern artificial intelligence. And since this is the process ...

16-01-2018

KBC signs consultancy agreement for integration of oil refineries in China

Yokogawa Electric Corporation announces that its  subsidiary, KBC Advanced Technologies, has signed a consultancy agreement with China Energy Engineering North Co., ...

16-01-2018

Praxair expands hydrogen supply to Port Arthur refinery

Praxair, Inc has expanded its long-term hydrogen supply agreement with Motiva Enterprises LLC. Under this new agreement, Praxair will increase the amount of hydrogen ...

16-01-2018

OMV setects hte to test competitive catalysts for light cut naphtha isomerization

hte – the high throughput experimentation company tested the performance of commercial light cut naphtha isomerization catalysts in the presence of hydrogen using ...

12-01-2018

Clariant and SINOPEC to cooperate on fuel upgrading catalyst technology

Clariant, a world leader in specialty chemicals, today announced that it has signed two key agreements with SINOPEC, China’s largest petroleum and chemical company. ...

11-01-2018

INVISTAā€™s latest P8 technology sees first successful deployment in China

INVISTA Performance Technologies (IPT) and Jiaxing Petrochemical Co., Ltd, a subsidiary of Tongkun Group Co., Ltd, announce the successful start-up of Jiaxing Petrochemical’s ...

11-01-2018

SNC-Lavalin awarded downstream engineering services agreement

SNC-Lavalin is pleased to announce that it has signed a Master Services Agreement, with approximate worth in excess of $100M, with one of the world’s largest plastics, ...

10-01-2018