GE, Baker Hughes complete combination

GE, Baker Hughes complete combination
Image courtesy of BHGE

Oilfield service provider Baker Hughes said its combination with GE’s oil and gas unit has been completed, creating a “fullstream oil and gas company.”

The new company is the first and only to bring together industry-leading equipment, services and digital solutions across the entire spectrum of oil and gas development, Baker Hughes said on Monday.

The new company will focus on providing a fullstream offering, combining physical and digital to increase reliability and uptime.

Lorenzo Simonelli, president and CEO of Baker Hughes, a GE company said, “Disruptive change is the oil and gas industry’s new normal. We created BHGE because oil and gas customers need to withstand volatility, work smarter and bring energy to more people.”

Baker Hughes added that the integration of the Russian businesses will be completed upon receipt of Russian regulatory approval.

Stockholders of Baker Hughes immediately prior to the closing of the transaction will receive one share of Class A common stock of Baker Hughes, a GE company and will also be entitled to a special one-time cash dividend of $17.50 per share (to be paid on July 6, 2017).

Class A common stock of Baker Hughes, a GE company will begin trading on the New York Stock Exchange (NYSE) under the symbol BHGE on the opening of the NYSE on July 5, 2017.

Baker Hughes will own 37.5 percent of the new company, while GE will own 62.5 percent of the company.

Share this article

Follow LNG World News

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

Downstream 2019

Renowned as the most significant global meeting place for Downstream professionals…

read more >

Central and Eastern Europe SSLNG Forum

SSLNG projects are important for Central and Eastern Europe (CEE) because they offer opportunities for solving issues…

read more >

Klaipeda LNG Forum 2019

Klaipėda LNG forum 2019 organised by Klaipėda Science and Technology Park, Klaipėdos nafta and Embassy of the Netherlands will take place on the 15-16 May at Klaipėda Castle’s site hall, Lithuania.

read more >

Flame 2019

Flame is Europe’s largest gathering of midstream gas & LNG players, bringing together everyone who matters – from producers to utilities, purchasers, infrastructure providers, traders, regulators and policy makers.

 

More info

read more >