GE Oil & Gas Awarded $120 Million in Brazil Deepwater Equipment Orders

HOUSTON--(BUSINESS WIRE)-- GE Oil & Gas’ drilling & production business has been awarded two contracts totaling more than $120 million by Daewoo Shipbuilding & Marine Engineering Co., Ltd (DSME) of South Korea, one of the world’s leading specialized shipbuilding and offshore contractors.

Under the first contract, GE will supply a blowout preventer (BOP) stack and controls system, to be installed on a Petroserv-owned drillship for oil and gas production activities offshore Brazil.

In addition, GE has been selected to supply two complete drilling packages to be installed on Odebrecht Oil & Gas owned drill-ships, each including a 10,000-foot riser system and BOP stacks and controls.

Sam Aquillano, vice president—drilling & production for GE Oil & Gas said: “We are delighted to have been selected by DSME to fulfill these important Petroserv and Odebrecht oil and gas equipment orders. The awards demonstrate our ability to meet DSME’s state-of-the-art technology specifications and exceed high expectations regarding the delivery of large, complex equipment orders against compressed timeframes. We are geared up to execute these projects that strengthen our relationship with DSME.”

GE Oil & Gas manufacturing plants in Houston, Texas, and Singapore will jointly manufacture the equipment for these orders, with deliveries scheduled between October 2010 and November 2011.

DSME builds various vessels, offshore platforms, drilling rigs, floating oil production units, submarines and destroyers. Petroserv S.A. is a Brazilian offshore service company, and Odebrecht Oil & Gas is a Brazilian business conglomerate in the field of drilling, oil production and services for the oil industry.

About GE Oil & Gas

GE Oil & Gas (www.ge.com/oilandgas) is a world leader in advanced technology equipment and services for all segments of the oil and gas industry, from drilling and production, LNG, pipelines and storage to industrial power generation, refining and petrochemicals. We also provide pipeline integrity solutions, including inspection and data management, and design and manufacture wire-line and drilling measurement solutions for the oilfield services segment. As part of our 'Innovation Now' customer focus and commitment, GE Oil & Gas exploits technological innovation from other GE businesses, such as aviation and healthcare, to continuously improve oil and gas industry performance and productivity. GE Oil & Gas employs more than 12,000 people worldwide and operates in over 100 countries.

About GE

GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, health care solutions and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's website at www.ge.com.

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