GE to acquire Oceaneering’s Subsea Electric Actuator product line

GE has signed an agreement to acquire Oceaneering’s Subsea All Electric and Ifokus brands of specialty subsea products.

Offshore staff

STAVANGER, NorwayGE (NYSE: GE) has signed an agreement to acquire Oceaneering’s Subsea All Electric and Ifokus brands of specialty subsea products.

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. The technology is suited for complex subsea processing applications and more difficult extraction environments such as deepwater fields, or fields with longer offsets from the shoreline.

Rod Christie, CEO of GE Oil & Gas’ Subsea Systems business, says, “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.”

The deal is expected to close 1Q 2015. Once the acquisition closes, Oceaneering’sStavanger, Norway-based engineering team dedicated to the Subsea Electric Actuator product line will join GE Oil & Gas, transitioning into the Subsea Systems business that also has operations in Stavanger.

12/16/2014

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