This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

GE Awarded US$620 Million Services Contract In Australia For QGC

GE Oil & Gas (NYSE: GE), a leading supplier of equipment and services for liquefied natural gas (LNG) projects worldwide, has received a US$620 million, 22-year contractual service agreement (CSA) to provide a broad range of advanced technology services for QGC’s Queensland Curtis LNG (QCLNG) plant off the east coast of Australia.

QGC, parent company BG Group, and GE executives, including GE Chairman and CEO Jeff Immelt, were present at the signing of the CSA today in Australia.

One of Australia’s largest infrastructure projects, the QCLNG plant will be the world’s first facility to turn coal seam gas into LNG. Coal seam gas is plentiful in Australia and will form the basis for the growing Australian LNG industry. The QGC plant is the first of four LNG projects scheduled for Curtis Island and is expected to begin production in 2014, with the LNG produced primarily targeted for export including to China, Japan and Singapore.

In welcoming the contract, Immelt said, “The QGC project on Curtis Island is a glimpse of the future. As the world’s first facility to turn coal seam gas into LNG, it validates Australia’s commitment to innovative solutions and its position as a leader in LNG.”

“It is also a great example of how industrial internet-based services—where we connect advanced machines, data and experts—can deliver better outcomes for our customers and society. GE is proud to be QGC’s partner in providing advanced technologies and services that enable reliable production of LNG and help meet the growing global demand for energy,” Mr Immelt said.

The GE scope of work will include planned and unplanned maintenance of the GE equipment being installed at the QCLNG plant, including 15 PGT25+G4 aeroderivative gas turbines, 28 centrifugal compressors, gearboxes, generators and all auxiliaries. The agreement also includes monitoring and diagnostic services, as well as reliability guarantees on the equipment.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs