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GE formally announced that it has signed an agreement to acquire the Subsea Electric Actuator product line of Oceaneering, a global provider of engineering services and products to the oil and gas industry.
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 closing of the deal—subject to the standard regulatory approvals—is expected to be completed in the first quarter of 2015.
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.
Ifokus is at the forefront of the offshore industry's efforts to enhance conventional, hydraulic fluid-based subsea controls equipment with faster electric actuation systems that offer increased diagnostic capabilities.
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.
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. With the end of easy oil recovery, this is expected to be a key growth segment for the industry.
Keywords: Electric Valve Actuators, Subsea Products, Hydraulic Fluid-Based, Subsea Controls Equipment, Subsea Processing Applications, Deepwater Fields, ARC Advisory Group.