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Oil, Gas, Petrochemical Industry News
News Release from: GE Oil and Gas
Edited by the Processingtalk Editorial
Team on 29 January 2008
GE to acquire Hydril Pressure Control
business
GE Oil and Gas has announced that it has entered into an agreement to acquire the Hydril Pressure Control business from Tenaris
Upon completion, the acquisition will expand the GE Oil and Gas portfolio and complement the VetcoGray Capital Drilling Equipment business The closing of the transaction, which is subject to conditions including the receipt of governmental and regulatory approvals, is expected in the upcoming months
This article was originally published on Processingtalk on 6 Sep 2007 at 8.00am (UK)
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The Hydril Pressure Control business is one of the world's leading suppliers of pressure control equipment used in the oil and gas drilling industry, with a special focus on deep and ultra-deepwater applications.
Its product line includes Blowout Preventer (BOP) systems, parts, and repair and field services to maintain its installed base of products.
The business, which is expected to generate over USD400M of sales in 2008, is headquartered in Houston, Texas and employs over 750 people globally.
"This is another major step for GE Oil and Gas.
This acquisition will expand our existing range of products and services and allows us to provide a broader offering of Capital Drilling Equipment to the increasingly complex offshore industry," said Claudi Santiago, President and CEO, GE Oil and Gas: "Hydril has an outstanding reputation for quality and reliability, with an extraordinary track record built over more than seventy years serving the oil and gas industry.
This, combined with the VetcoGray industry know-how and technology recognition, will accelerate the GE Oil and Gas presence in the fast growing deep water drilling industry".
Paolo Rocca, Chairman and CEO of Tenaris, commented, "The Hydril pressure control business is one with excellent technology, an impressive team and solid prospects but has limited synergies with our core tubular business.
We believe that its opportunities will be enhanced within GE, as part of its growing Oil and Gas business, and that this transaction is in the best interests of its employees and customers and our shareholders".
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