GE O&G announced the signing of a new frame agreement with Maersk Oil North Sea UK Limited. The new agreement runs from March 1, 2010, for a five-year period.
Under the new agreement GE Oil & Gas will continue to supply subsea wellheads, trees and tubular products for exploration and developed projects in the North Sea. GE Oil & Gas estimates the total value of the agreement to be in excess of $80 million.
Frame agreements provide a standardized scope of supply designed to enhance manufacturing and minimize down time and cost for the duration of the agreement.
GE Oil & Gas is a major supplier of subsea hardware to the Oil & Gas industry and looks forward to supporting Maersk Oil in its ongoing development requirements over the next five years.
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