GE Oil & Gas And StatoilHydro Sign Technology Cooperation Agreement

Trondheim, Norway - StatoilHydro and GE Oil & Gas recently signed a Technology Cooperation Agreement, which establishes a formal collaborative working relationship between the two companies for the ongoing development of technology related to specific oil and gas projects.

The agreement marks GE Oil & Gas' and StatoilHydro's commitment to continuously work towards developing new concepts and technology, as well as improving existing technology, for the efficient exploration, production and transportation of oil and gas, within onshore, offshore and subsea environments.

The joint technology cooperation is anticipated to comprise projects within the following areas:

• Subsea developments
• Effective and efficient power generation
• Environment, climate change and renewable energy

In addition, StatoilHydro and GE Oil & Gas will intend to share experiences and best practices related to Innovation and Research and Development.

"Both GE and StatoilHydro are investing considerable resources in Research & Development for new technologies that will be able to face the ever increasing challenges of oil and gas exploration and production," said Claudi Santiago, President and CEO of GE Oil & Gas. "Given that our two companies have many complementary capabilities, it makes sense for us to work together to benefit from opportunities of common development and in so doing come up with ways in which to contribute to efficient operations, and importantly, better environment and improved safety of oil and gas operations".

"General Electric has an impressive history and a strong reputation as a technology company. At the same time, StatoilHydro has developed and been a brave user of a number of innovative technologies and solutions. By cooperating with concrete technology development projects within certain areas, we believe we will mutually benefit. We also intend to share experience within R&D, Innovation and HR practices. This will hopefully stimulate and assist both companies to further improve our ways of doing technology development", says Margareth Øvrum, Executive Vice President for Technology and New Energy in StatoilHydro.

StatoilHydro and GE Oil & Gas' cooperation stems back to the 1970s with the supply of compressors and turbines for the Statfjord platform in the North Sea. Today, GE supplies compression, re-injection and power generation equipment for several of StatoilHydro's offshore production platforms and LNG and methanol plants, as well as extensive equipment for deepwater oil and gas production including conductors, production trees and multibowl wellhead systems.

SOURCE: StatoilHydro and GE's Oil & Gas business