GE Oil & Gas Secures Order with Maersk Drilling for Industry’s First ’20-ksi‘ Deepwater Drilling Systems

  GE Oil & Gas Secures Order with Maersk Drilling for Industry’s First
  ’20-ksi‘ Deepwater Drilling Systems

  *GE Receives Contract to Supply ’20ksi‘ Deepwater BOPs and Riser Systems
    for BP and Maersk’s Joint ’20K™’ Rig Design Project
  *GE’s Pioneering Technology Allows Operators to Explore Deepwater Basins
    That Are Inaccessible with Conventional ’15-ksi‘ Hardware

Business Wire

HOUSTON -- June 24, 2014

GE Oil & Gas (NYSE:GE) announced today it has received an order for the
offshore oil and gas industry’s first 20,000-psi (20-ksi) rated deepwater
blowout preventer (BOP) stack and riser systems from Copenhagen, Denmark-based
Maersk Drilling. The equipment, due to enter service in the first half of
2018, is being supplied for Maersk and BP as part of their joint Project 20K™
Rigs design program.

BP and Maersk Drilling announced their joint study agreement in February 2013
to develop conceptual engineering designs for a new generation of advanced
drilling rigs that will be critical to unlocking the next frontier of
deepwater oil and gas resources. Called 20K Rigs, the BP-Maersk Drilling
agreement will result in deepwater drilling vessels designed to efficiently
operate in high-pressure and high-temperature reservoirs up to 20,000 psi and
350 degrees Fahrenheit.

“GE Oil & Gas is proud to join with Maersk and BP in developing the 20-ksi
drilling system technologies to meet new ultra-deepwater production goals,”
said Andrew Way, president and CEO of GE’s Drilling & Surface business—GE Oil
& Gas. “By drawing upon GE’s technology portfolio and history of operational
excellence, we are providing one of the most advanced drilling systems the
industry has to offer.”

GE Oil & Gas will design, test and manufacture the new 20-ksi BOPs and risers
at the company’s recently expanded Houston Technology Center in Texas.

“GE’s new deepwater BOP system is a key part of Maersk and BP’s strategy to
safely expand offshore field development into previously unexplored areas,”
said Claus V. Hemmingsen, CEO of Maersk Drilling. “With its redesigned
components, GE’s new BOP technology addresses the needs of drilling companies
for BOPs that efficiently operate at extremely high pressures.”

“This is a key milestone in progression of BP’s delivery of Project 20K
technologies and supports our industry relationships toward the delivery of
standard industry solutions,” said Gary Jones, vice president of BP’s Global
Wells Organization.

“The 20-ksi drilling system being developed will include a number of new
real-time monitoring and condition-based maintenance technologies aimed at
improving uptime by reducing unplanned maintenance,” said Way. “From higher
performance mechanicals to real-time monitoring and condition-based
maintenance systems, this next-generation system can make accessible new
offshore drilling frontiers.”

20K™ is a trade mark of BP plc.

About GE

GE (NYSE:GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in energy,
health and home, transportation and finance. Building, powering, moving and
curing the world. Not just imagining. Doing. GE works. For more information,
visit the company's website at www.ge.com

About GE Oil & Gas

GE Oil & Gas works on the things that matter in the oil and gas industry.In
collaboration with our customers, we push the boundaries of technology to
bring energy to the world. From extraction to transportation to end use, we
address today's toughest challenges in order to fuel the future. Follow GE Oil
& Gas on Twitter @GE_OilandGas.

Contact:

GE Oil & Gas – Drilling & Surface
Cameron Wallace
T +1 713-458-3628/M +1 832-808-0245
cameron.wallace@ge.com
or
Masto Public Relations
Tom Murnane,+1 518-786-6488
tom.murnane@mastopr.com
 
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