The Jakarta Post
United States oil field services company Baker Hughes has completed its merge with US diversified giant General Electric (GE) oil and gas business arm, forming a new firm, which they claim is the world’s first and only fullstream oil and gas company, Baker Hughes, a GE Company (BHGE).
“We created BHGE because oil and gas customers need to withstand volatility, work smarter and bring energy to more people,” BHGE CEO Lorenzo Simonelli said as quoted in an official statement received by The Jakarta Post on Tuesday.
“Our focus is on integrating our businesses quickly and seamlessly so we can drive long-term value for all of our stakeholders.”
The new entity has US$32 billion in combined revenue and operations in more than 120 countries. BHGE will draw from GE’s digital technology expertise and Baker Hughes’ capabilities in oilfield services.
“BHGE can help our customers be more productive in any cycle, especially today’s,” GE CEO and chairman, who is also BHGE board of directors chairman, Jeffrey Immelt said. “The completion of the transaction marks a new era in the industry.”
The firm is waiting for Russian regulatory approval before the integration of the Russian businesses is completed. (bbn)