GE has signed an agreement to acquire the Subsea Electric Actuator product line of Oceaneering, according to a news release.
The product line goes to market under the Oceaneering Subsea All Electric and Ifokus brand, which specializes in the design and manufacturing of specialty subsea products, with a focus on electric valve actuators. The deal—subject to the standard regulatory approvals—is expected to be completed in first-quarter 2015, the release said.
Oceaneering’s 16-strong Stavanger-based engineering team dedicated to the Electric Actuator product line will join GE Oil & Gas, transitioning into the subsea systems business that also has operations based in Stavanger, Norway.
Electric actuators are fitted to the subsea systems that control the flow, usually oil or gas, out of the well or the injection of fluids into the well to enhance recovery. Electric actuators appeal to operators because they offer potentially lower overall system costs and are more environmentally compatible by reducing the risk of hydraulic fluid leaks, according to the release.
The technology is ideally suited for complex subsea processing applications and more difficult extraction environments such as deepwater fields, or fields with longer offsets from the shoreline, the release said.
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