GE Oil & Gas has signed a Master Service Agreement with Statoil for new subsea projects that will enable GE to continue to support the international energy company’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.

“We are pleased to have secured an agreement with Statoil that paves the way for further and deeper collaboration between the companies within the subsea segment in the next decade,” says Tom Huuse, Managing Director of GE Oil & Gas in Norway.
GE Oil & Gas recently delivered subsea production system equipment for Statoil’s Snøhvit gas field in the Barents Sea on the Norwegian Continental Shelf.

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. GE and Statoil are already working closely together in the Power Collaboration initiative, which aims to accelerate the development of sustainable cost efficient energy solutions. More about Powering Collaboration.

About GE

GE (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry.

About GE Oil & Gas

GE Oil & Gas is inventing the next industrial era in the oil and gas sector. In our labs and factories, and in the field, we constantly push the boundaries of technology to solve today’s toughest operational & commercial challenges. We have the skills, knowledge and technical expertise to bring together the physical and digital worlds to fuel the future.

About Statoil

Statoil ASA (OSE: STL, NYSE: STO) is an international energy company with operations in 36 countries. Building on 40 years of experience from oil and gas production on the Norwegian continental shelf, we are committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. We are headquartered in Stavanger, Norway, with approximately 23,000 employees worldwide, and are listed on the Oslo and New York stock exchanges.