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GE Invests $5Million in Norway Technology Solutions Center to Fuel the Future of the Oil and Gas Industry

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Original Press Release

GE Invests $5Million in Norway Technology Solutions Center to Fuel the Future of the Oil and Gas Industry

Press release date: August 26, 2014

New Facility Showcases GE's Capabilities Across the Entire Oil and Gas Value Chain, from Downhole, Subsea and Topside, through to Midstream and Downstream

The 'One-of-A-Kind' Visitor Center for the North Sea Region is Expected to Support Global Oil Gas Developments and Highlights GE's Contribution to Efficiency and Enhanced Recovery

The Center Has Been Designed to Encourage a Collaborative Approach to Solving the Industry's Challenges

STAVANGER, NORWAY – GE Oil Gas (NYSE: GE) formally unveiled its new Technology Solutions Center (TSC) in Stavanger, Norway, yesterday. The result of a $5m investment, the center offers a stunning visual showcase of GE's technologies across the oil and gas industry, and has been designed to help operators achieve optimal efficiency, environmental performance and safety, both now and in the future.

Led by GE Oil & Gas President and CEO, Lorenzo Simonelli, the grand opening was attended by key industry figures and regional government dignitaries, including Margareth Øvrum, Executive Vice President Technology, Projects and Drilling at Statoil, and the Mayor of Stavanger, Christine Sagen Helgø.

Located opposite GE's existing Subsea Systems facility in the port of Dusavik, the center features a combination of interactive digital displays, live demonstrations and scale models, including GE PII's Intelligent Pigs, responsible for the delivery of accurate diagnostics and insightful pipeline integrity reports, the Safire 2.0 multiphase flow meter and the newly launched Deepwater Vertical Xmas Tree (DVXT). State-of-the-art training facilities and meeting rooms are also located on-site.

The grand opening is being held in conjunction with the Offshore Northern Seas (ONS) 2014 conference and underpins GE's commitment to the continued creation of integrated solutions on behalf of its customers. It also highlights the organization's contribution to enhanced efficiency and improved recovery in the North Sea region and beyond.

Mr Simonelli said: "Technology development is pivotal to the enduring success of our industry and, with the incredible pace at which the sector continues its transformation, research, development and collaboration can have a strong impact on its success, something acknowledged through the significant investment we have made in this facility.

"Norway and the wider North Sea region have been incentivized to become leading-edge thinkers—largely the result of stringent regulation and governing standards—and although a maturing province, significant greenfield developments in recent years have put the area firmly back on the map. While the TSC is located in Norway, it will undoubtedly play a fundamental role in helping GE, our customers and the wider industry to fuel the future of oil and gas developments worldwide for many years to come."

Features of the TSC include:

Ground floor: A dedicated subsea experience and inspection center.
Middle floor: The offshore, midstream and downstream domain; a showcase of GE's current portfolio of remote monitoring and diagnostics solutions and a dedicated area exploring the impact the 'Industrial Internet' will have on the industry in coming years.
Top floor: A large training room along with several meeting rooms and offices.
The center brings together the numerous GE Oil & Gas business units including Subsea Systems, Drilling & Surface, Turbomachinery Solutions, Downhole Technology Solutions, Measurement & Control (including PII Pipeline Solutions), and Lufkin. The center also utilizes the expertise of other GE businesses operating in the oil and gas space, including Power Conversion, Intelligent Platforms, Digital Energy (Energy Management), Distributed Power and Water & Process Technologies (GE Power & Water), Transportation and Lighting. Together they demonstrate GE's unrivalled capabilities within this industrial sector.

From 26 August, visitors journeying through the 3-storey building will have the opportunity to observe numerous displays showcasing GE's technology and service offering, with a digital 3D model depicting the flow of oil and gas as it moves from the well to the subsea production tree, manifold, riser, FPSO/platform, and finally to midstream and downstream facilities.

The centerpiece of the TSC is a multi-floor atrium in the middle of the building, featuring a large video wall which creates an impressive vertical display area. Another focal point of the facility is the Industrial Internet space, which highlights the value of monitoring, diagnostics and predictivity in order to reduce down-time and production losses for customers.

Relentless innovation is at the heart of GE, with the organization also currently constructing a 100,000 sq. ft. facility in Oklahoma City in the United States of America. This is primed to become the home of GE's Global Research Oil & Gas Technology Center and is part of the company's three-year effort to triple R&D investment in the energy sector.

GE Oil & Gas is exhibiting in Hall D, Booth #454 during ONS2014. If you're in Stavanger for the show, visit the booth and use the free shuttle service provided to visit the Technology Center in-person.

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.

Media contacts:
Ivar Simensen*
Communications Manager
Norway - GE Oil & Gas
Phone: +47 67213689
Mobile: +47 46402317
Email: ivar.simensen@ge.com

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