STAVANGER, Norway – GE Oil & Gas has signed a master service agreement with Statoil for new subsea projects that GE says will allow it to continue to support the Norwegian operator’s value creation in a low oil price environment.
The global agreement forms the basis for potential new contracts for subsea equipment and services on new projects and field developments. The contract is valid globally until 2025.
The companies are already working closely together in the Power Collaboration initiative, which aims to accelerate the development of sustainable cost-efficient energy solutions. In today’s oil price environment, sustained focus on costs and efficiency will ultimately be the key to develop several currently marginal prospects and discoveries, according to GE.
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