Monday, 14 February 2011

GE to buy U.K. energy services firm for $2.8B

General Electric Co. is to buy a unit of British energy services firm John Wood Group for about $2.8 billion, the latest move by the largest U.S. conglomerate to boost its presence in oil services.

GE's acquisition of John Wood's well-support division raised hopes of more deals in the oilfield services sector, where GE has recently been an active buyer of assets.

GE, which is buying the unit through its oil and gas business, agreed in December to buy Britain's oil drilling pipemaker Wellstream Holdings Plc for $1.3 billion U.S.

That followed a 2008 deal to buy pressure control equipment company Hydril for $1.1 billion and a 2007 deal to buy privately held oil and gas field equipment maker Vetco Gray.

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