GE Oil & Gas was acquired in 1995, and in just six years, we have built a $2 billion global business with more than 1,000 customers. And yet we are a "turnaround" story. We have great products, but we're transforming ourselves into a provider of great services.

 We can engineer a product in Italy, manufacture it in France with sourced components from Hungary, and deliver it in Brazil. But we also can watch electronically how our equipment performs from our technology centers on both sides of the Atlantic. With these capabilities, we are focusing on high-tech maintenance, repairs and upgrades for the explorers, extractors and processors of oil and gas. We are growing significantly in areas such as pipeline services, equipment optimization, and monitoring and diagnostics. In fact, services will deliver almost as much revenue in 2002 as our entire business did in 1995.

Providing services is transforming our products. Great products have given us a large base of customers to whom we can offer maintenance and upgrades. The more time we spend performing these services, the more time we spend with our customers, and the better we know their needs – which enables us to develop even better products.