GE Oil & Gas Set to Grow, Looks to Invest
In a one-on-one interview with Rigzone on the sidelines of Houston's OTC, GE Oil & Gas Senior Vice President J.R. Bateman said that the company is continuing its extensive growth pattern through recent and potential acquisitions.
The acquisitions of subsea veteran VetcoGray and drilling expert Hydril have helped to catapult GE Oil & Gas into the forefront of oil and gas service providers. In addition to a new five-year subsea contract with Norwegian giant StatoilHydro, the company announced this week that it will move to operating under the one GE Oil & Gas brand.
With a new focus on standardized equipment that will diminish costs and fabrication time, GE Oil & Gas is not stopping its growth with its acquisitions in the subsea and drilling sectors.
"We're always looking to invest," confirmed Bateman. "When the market is down, I don't think people are as willing to sell as they are during other times, but there are things that we'd like to round out our portfolio with in the coming years, where it makes sense for GE."
Recognizing Brazil as the geographic locale with the largest growth potential for the company, Bateman also sees potential in the Gulf of Mexico and West Africa.
GE Oil & Gas plans to leverage what GE has done in aviation and health care to bring similar successes in the oil and gas industry, Bateman added.
"The biggest thing is the commitment of GE to invest in the oil and gas business," he continued. "When GE makes an investment, the average investment time is 95 years. So we're obviously here for the long haul."
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