GE in 'subsea pact' with Statoil

Subsea focus: for Statoil and GE

GE Oil & Gas has reportedly secured a long-term frame agreement with Norway’s state-owned Statoil to provide subsea equipment and services on field projects worldwide.

The global pact, which runs until 2025, is intended to “support value creation for Statoil even at low oil prices”, according to a release cited by Norwegian publication PetroMedia.no.

The so-called master service agreement will serve as a basis for GE to win potential new contracts for subsea deliveries on field development projects, having earlier delivered a subsea system for carbon dioxide injection at Statoil’s Snohvit field in the Barents Sea.

The engineering giant last month signed a co-operation deal with Statoil for a joint technology effort to cut emissions and reduce costs on oil and unconventional gas projects.

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