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GE

Oil & Gas

GE said to be in advanced talks for Halliburton drilling assets

General Electric Co. is in advanced talks to buy the drill-bits and drilling-services divisions of Halliburton Co., which is divesting assets to win antitrust approval for its takeover of Baker Hughes Inc., according to people familiar with the matter. Selling both the drill-bits and drilling-services businesses could have fetched as much as $5 billion in total for the oilfield services provider, people with knowledge of the matter said earlier this year, when the units were each put on the block. It is not clear how much the decline in oil prices -- which have been hovering near six-year lows -- may have affected their respective market values.

Oil & Gas

GE Oil & Gas to acquire Advantec

GE Oil & Gas will acquire Advantec as it looks to improve the company’s capabilities of offering cost-efficient production and services. The company said the move is part of its wider efforts to address the challenges faced by its customers operating the growing number of mature subsea fields. Advantec will operate under its existing name and management team as part of GE Oil & Gas’ subsea services and offshore division.

Oil & Gas

GE creates new company to help lower energy bills

General Electric has started a company which will focus on energy efficiency to help corporate customers lower their energy bills and better manage power distribution. The new firm, called Current, will integrate GE's LED, solar, energy storage and electric vehicle businesses with GE's growing data and analytics platform. The company will be run by Maryrose Sylvester, who has been president of GE Lighting.

Australasia

GE signs first deal after Australia passes clean-energy target

General Electric Co. agreed to help develop a A$450 million ($348 million) wind farm in Australia, spurred by parliament’s approval of a new renewable energy target. GE will supply turbines to the 240-megawatt Ararat wind farm in the state of Victoria that’s being developed with partners including Renewable Energy Systems Ltd., according to a statement from the companies. The development is expected to become the nation’s third-largest wind farm.

Other News

GE raises job cuts to 575 at Lufkin oil unit amid crude drop

General Electric Co. increased planned job cuts in its Lufkin oilfield equipment unit to 575 as the collapse in crude prices leads to industrywide pullbacks. The move comes after GE notified regulators in January of plans to cut 330 positions in a division acquired in 2013. In February, the total was raised to 500, then boosted again to the new figure, said Kristin Schwarz, a GE Oil & Gas spokeswoman. The reductions will affect workers in Angelina County, Texas.