New Global Services Center to Provide Enhanced Drilling & Production Capabilities
BAKU, AZERBAIJAN---June 21, 2010---Expanding its support for oil and gas producers that play a vital role in the economic growth of the Caspian Sea Region, GE Oil & Gas (NYSE: GE) today officially opened a new global services facility south of Baku in the Republic of Azerbaijan.
The facility, which represents a $6 million investment and will employ 14 local personnel by year-end, enhances GE's drilling and production equipment repair, maintenance and refurbishment services capabilities for new and existing customers in the Caspian Sea Region.
At an opening event attended by 30 Azerbaijani VIPs and GE customers, Intigam Sadykhov, chief of project investment department, State Oil Company of Azerbaijan (SOCAR) said: "We are delighted with GE's continued investment in the Caspian Sea region. The new state-of-the-art facility will be of great benefit to the oil and gas industry in the region and, indeed, to the local community. The investment clearly demonstrates the important role the Caspian Sea and Azerbaijan plays in GE's expanding global operations."
Neil Saunders, global services leader---drilling & production for GE Oil & Gas said: "The new $6 million investment Baku facility is crucial to the continued growth of our global services operations in the Caspian Sea region. The site provides a strong localized presence to help our customers grow their businesses with advanced engineering services and expertise, while also offering increased capacity to meet anticipated growth. The region is a key focus for GE Oil & Gas and this investment demonstrates our long-term commitment to Azerbaijan and the Caspian Sea."
The Caspian region is one of the world's most important sources of oil and gas production, with major increases in offshore production expected over the next decade.
The new center of excellence facility encompasses two warehouse spaces under a single roof, two heavy-duty overhead cranes, an outside storage area and office space. A wide range of GE drilling and production equipment will be maintained and repaired at the center, including subsea wellheads, controls, connectors and subsea trees.
About GE Oil & Gas
GE Oil & Gas (www.ge.com/oilandgas) is a world leader in advanced technology equipment and services for all segments of the oil and gas industry, from drilling and production, LNG, pipelines and storage to industrial power generation, refining and petrochemicals. We also provide pipeline integrity solutions, including inspection and data management. As part of our 'Innovation Now' customer focus and commitment, GE Oil & Gas leverages technological innovation from other GE businesses, such as aviation and healthcare, to continuously improve oil and gas industry performance and productivity. GE Oil & Gas employs more than 12,000 people worldwide and operates in over 100 countries.
About GE
GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world's toughest challenges. From aircraft engines and power generation to financial services, health care solutions and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's website at www.ge.com.
Ken Darling
Masto Public Relations
[email protected]
1-518-786-6488
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Masto Public Relations
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