Baker Hughes To Sell Its Natural Gas Solutions Business
Baker Hughes, a GE company (BHGE), has agreed to sell its natural gas solutions (NGS) business to two separate entities, First Reserve and Pietro Fiorentini, for a combined value of $375 million. NGS is part of BHGE’s Turbomachinery & Process Solutions (TPS) segment, providing commercial and industrial products such as gas meters, chemical injection pumps, pipeline repair products, and electric actuators.
GE acquired the division in 2011 when it bought Dresser Inc. for $3 billion.
First Reserve, a global private equity investment firm focused exclusively on energy, will buy the NGS product line. This transaction includes the transfer of approximately 450 employees located in eight countries, including three manufacturing sites in North America and the UK.
In a separate transaction, Pietro Fiorentini will buy the Talamona, Italy, branch of BHGE’s NGS product line. The transaction includes the transfer of approximately 40 employees and a manufacturing site in Talamona.
Both transactions are expected to close in the second half of 2018; financial terms of the agreements were not disclosed.
Total Acquires Engie’s LNG Assets, Becomes No. 2 in Global Market
The $1.5-billion deal delivers a world market share of 10%, including a 16.6% stake in the US Cameron LNG project.
Repsol Targets Upstream Production in Capex Boost
As part of a revised strategic plan, the Spanish company says it will invest more than $9 billion on its overall operations by 2020, with much of it going to its upstream business unit.
The Benefits of Flying Unmanned Aircraft Vehicles at Scale for Asset Managers
Ground sensors on assets over a broad area have limited returns on investment if the asset life cycle is less than 10 years, and obsolescence of the technology if it exceeds 10 years. Complementing sensors with aerial remote sensing at scale may help to mitigate these issues.
Don't miss out on the latest technology delivered to your email every two weeks. Sign up for the OGF newsletter. If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.
01 August 2018
30 July 2018