GE Oil & Gas said it has secured a new contractual service agreement with Transocean valued at approximately $180 million.
According to GE, the agreement, signed at the end of 2016, aims to further maximize productivity and lower operating costs for Transocean.
The contract will see GE provide condition-based monitoring and maintenance services for pressure control equipment on seven of Transocean’s rigs over the next 10 to 12 years.
“This agreement builds on the new service model we introduced last year to address today’s industry shift toward maximizing productivity and lowering operating costs while also maintaining operating flexibility,” said Lorenzo Simonelli, president and CEO, GE Oil & Gas. “When cost and risk are at the top of operators’ minds, we share the responsibility by investing in equipment uptime and performance.”
The agreement leverages GE’s digital capabilities to shift from event and calendar-based maintenance to condition-based monitoring and maintenance.
“We are evolving our business and enhancing our digital offerings to match the needs of our customers,” Simonelli said. “Digitization truly is the single largest step change for the industry and the foundation for its future.”