Offshore staff
HOUSTON – GE Oil & Gas (NYSE: GE) has agreed with Cameron (NYSE: CAM) to acquire Cameron’s Reciprocating Compression division for $550 million.
The division provides reciprocating compression equipment and aftermarket parts and services for oil and gas production, gas processing, gas distribution, and independent power industries. High-speed reciprocating compressors are used in several applications from gas gathering, and gas lift and injection, as well as transmission and storage.
The acquisition is expected to close later this year. After closing, Cameron’s Reciprocating Compression division will become part of GE Oil & Gas’ recently formed Downstream Technology Solutions business in order to better serve the $11 billion downstream and distributed gas segments. The new business is designed to deliver products, services, and packaged solutions for both the traditional downstream and the evolving unconventional oil and gas space.
01/22/2014
