GE O&G has reached another significant milestone with its strategic acquisition of Wellstream Holdings. This morning, Wellstream announced that the listing of its ordinary shares on the Official List had been cancelled and Wellstream's shares ceased to be admitted to trading on the London Stock Exchange as of 8 a.m. (London time).
The acquisition of Wellstream expands GE Oil & Gas' extensive subsea manufacturing and services portfolio and accelerates its presence in the fast growing deepwater production regions of Africa, Asia and Brazil.
The $1.3 billion (£800 million GBP) acquisition of Wellstream enables GE to capitalize on growth in the floating production, storage and offloading offshore segment which underpins deepwater oil and gas production.
Claudi Santiago, president and CEO, GE Oil & Gas said, "Wellstream's people, technology and customer relationships, including those in Brazil, are an excellent addition to the GE Oil & Gas subsea portfolio, complementing our existing drilling and production product and service lines. Together, GE Oil & Gas and Wellstream now offer our customers an unrivaled, value-adding technology and services platform, underpinned by systems integration and reliable innovation."
Santiago continued, "GE continues to expand its localized presence in Brazil through the addition of Wellstream's state-of-the-art manufacturing facility in Niterói. GE already is a strong and committed player in Brazil's deepwater oil and gas production sector, and I am confident that we will continue to deliver significant advantage to our customers across Latin America through the many technology and services benefits that this strategic acquisition delivers."
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