Baker Hughes and GE Oil & Gas Complete Merger
By CT2 Staff05 July 2017
The transaction combining Baker Hughes with GE Oil & Gas is complete, and the new “Baker Hughes, a GE Company” (BHGE) is poised to offer equipment, services and digital solutions in any sector of oil and gas development.
BHGE has listed four major focuses:
- Providing a fullstream offering, which will consist of four product companies — Oilfield Services, Oilfield Equipment, Turbomachinery and Process Solutions, and Digital Solutions — and 24 product lines and segments
- Applying more cloud-based digital offerings and brilliant factory solutions to oil and gas;
- Increasing the speed at which new solutions can be brought to market faster through access to the GE Store of knowledge experience and research;
- Building on over 125 years of combined company experience to create a world-class company culture of integrity, innovation, simplification and diversity.
“Disruptive change is the oil and gas industry’s new normal,” said Lorenzo Simonelli, president and CEO of BHGE. “We created BHGE because oil and gas customers need to withstand volatility, work smarter and bring energy to more people. Our offering is further differentiated from any other in the industry across the value stream and enables and assists our customers in driving productivity, while minimizing costs and risks.”
BHGE will employ about 70,000 people with operations in more than 120 countries. It will have dual headquarters in Houston, Texas, and London, U.K. GE Chairman Jeff Immelt is chairman of the board of directors of BHGE, and Martin Craighead, former chairman and CEO at Baker Hughes, is vice chairman of the board.