Transaction combining GE oil and gas business with Baker Hughes completed
Baker Hughes, a GE company (BHGE) has advised that the transaction combining GE’s oil and gas business with Baker Hughes is complete.
The new company will have dual headquarters in Houston and London and operations in more than 120 countries, with it “the first and only to bring together industry-leading equipment, services and digital solutions across the entire spectrum of oil and gas development”.
“Disruptive change is the oil and gas industry’s new normal,” Lorenzo Simonelli, BHGE President and CEO, commented. “We created BHGE because oil and gas customers need to withstand volatility, work smarter and bring energy to more people.
“Our offering is further differentiated from any other in the industry across the value stream and enables and assists our customers in driving productivity, while minimising costs and risks.
“BHGE has proven technologies and experience with the spirit of a start-up, and our leadership team looks forward to quickly demonstrating the strengths of the new company. Our focus is on integrating our businesses quickly and seamlessly so we can drive long-term value for all of our stakeholders.”