GE to buy Oceaneering’s subsea electric actuator product line
In a bid to lead on the electrification of subsea processing in deepwater environments, GE Oil & Gas will buy Oceaneering’s Subsea All Electric and Ifokus brand, which specializes valve actuators.
Oceaneering’s 16-strong Stavanger-based Ifokus team will join GE Oil & Gas’s Subsea Systems business, also based in Stavanger, Norway.
The closing of the deal, which is subject to regulatory approvals, is expected to be completed in the first quarter of 2015. Its terms were not disclosed.
“GE has the opportunity to pave the way for electrification in the oil and gas subsea space,” said Rod Christie, CEO of GE Oil & Gas’ Subsea Systems business, when the deal was announced 16 December.
He said the acquisition would give GE “a new technology that is faster to operate for processing applications, has excellent enhanced diagnostic capabilities and can be seamlessly integrated into a customer’s existing controls, communications and power network.”
Electric actuators are fitted to the subsea systems that control the flow, usually oil or gas, out of the well or the injection of fluids into the well to enhance recovery.
GE said the technology is suited for complex subsea processing applications and more difficult extraction environments such as deepwater fields, or fields with longer offsets from the shoreline.