GE Oil & Gas acquires VetcoGray

GE Oil & Gas held a "Global Welcome Day" at eight locations worldwide for more than 5,000 VetcoGray employees who are joining GE Oil & Gas as the result of the recently completed acquisition.

Offshore staff

FLORENCE, Italy -- GE Oil & Gas held a "Global Welcome Day" at eight locations worldwide for more than 5,000 VetcoGray employees who are joining GE Oil & Gas as the result of the recently completed acquisition.

"This is an opportunity for all 11,000 GE Oil & Gas employees to celebrate today's successes and to look toward future challenges," says Claudi Santiago, a GE senior vice president and president and CEO of GE Oil & Gas. "We are celebrating two proud histories and one exciting future."

"Welcome Day" activities were broadcast across eight VetcoGray sites in Europe, the United States, Mexico, Brazil and Singapore.

In early January, GE Oil & Gas announced its intent to acquire VetcoGray, an industry-leading supplier of products, systems, and services for onshore, offshore and subsea drilling, completion, and production. Following the receipt of all governmental and regulatory approvals, the acquisition was officially completed on February 23, 2007.

"Through this acquisition, customers worldwide will gain access to an enhanced portfolio of products and services," Santiago says. "VetcoGray and its employees will benefit from GE's global resources, including broader career development opportunities and training programs, and GE's Oil & Gas business will expand its opportunities for growth in new industry segments such as drilling, completion and subsea production."

"Welcome Day" also officially marked the appointment of David Tucker as COO for VetcoGray. As COO, Tucker will be responsible for leading the business and ensuring a successful integration process. Recently promoted to GE company officer, Tucker has run various global organizations during his 23 years with GE.

"VetcoGray is a true oil field services company with great people. We have an opportunity in front of us to bring together the technology, product development, fulfillment, and service capabilities of both GE and VetcoGray in ways that will create tremendous value for our customers and shareholders. The strength and breadth of GE will allow VetcoGray to partner with customers in bold new ways that help the growth of this industry. VetcoGray will be a great asset to the overall GE Oil & Gas business and ultimately to the GE shareholder," Tucker says.

VetcoGray employs 5,000 people at more than 60 locations in 30 countries. Headquartered in Houston, Texas, VetcoGray has major production facilities in Brazil, Norway, Scotland, Singapore, and the US and research and development centers in Houston, Texas, Aberdeen, Scotland, and Oslo, Norway. The company has manufacturing and service facilities in Argentina, Australia, Canada, China, Denmark, England, Indonesia, Nigeria, Norway, Scotland, the US, and Venezuela.

3/23/2007

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