GE proposes acquisition of Wood Group well support division

Offshore staff

HOUSTON – GE Oil & Gas has agreed to acquire the Wood Group Well Support division for $2.8 billion. The deal will close later this year, pending shareholder approvals and other closing conditions.

This would add Wood Group’s electrical submersible pump, surface well equipment, and logging services operations to GE Oil & Gas.

GE points out that the transaction immediately makes it a player in enhanced oil recovery by adding electrical submersible pumps (ESPs) to GE's growing portfolio of drilling and production solutions.

Additionally, Wood Group and GE have agreed to negotiate over the course of the next 90 days a potential commercial arrangement relating to turbo machinery servicing activities.

02/14/2011



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