GE Signs Offshore Drilling Deal With Statoil Despite Falling Oil Prices
Oil prices are near $30 a barrel and many drillers are flirting with bankruptcy – but that’s not stopping General Electric from moving deeper into the offshore drilling space.
Oil prices are near $30 a barrel and many drillers are flirting with bankruptcy – but that’s not stopping General Electric (GE) from moving deeper into the offshore drilling space. The company announced Friday it has signed a deal with Norwegian oil and gas company Statoil (STO). The agreement runs until 2025. Real Money writer and analyst James Passeri said the move fits into CEO Jeffrey Immelt’s overall strategy to shift the company towards industrials and away from financials. This isn’t GE’s first foray into the Norwegian oil space. It acquired Norwegian underwater oil equipment company Advantech back in October. TheStreet’s Scott Gamm spoke with Passeri in New York.
