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Press release from Business Wire

GE Wins US$165 Million Contract to Supply Subsea Technology for Chevron Oil Project in West Africa

<ul> <li class='bwlistitemmargb'> <i>Deal Builds on GE Existing Relationship with Operator Chevron</i> </li> <li class='bwlistitemmargb'> <i>Equipment is for Lianzi Project, Offshore Between Angola and Republic of the Congo</i> </li> </ul>

Tuesday, October 30, 2012

GE Wins US$165 Million Contract to Supply Subsea Technology for Chevron Oil Project in West Africa08:00 EDT Tuesday, October 30, 2012 FLORENCE, Italy (Business Wire) -- GE Oil & Gas (NYSE: GE) today announced it has received a £102 million (US$165 million) contract to supply production equipment to Chevron's Lianzi project, situated offshore between Angola and the Republic of Congo. GE will provide a range of technologies to enable EPC (engineering, procurement and construction) project execution. This includes the supply of seven trees, nine subsea control modules (SCMs), topside and subsea controls distribution equipment and vertical connection systems. Completion of the first tree is scheduled to take place in the fourth quarter of 2013, with a cross-regional team from GE Oil & Gas' Aberdeen, Nailsea and Sandvika (Norway) sites collaborating on project delivery. Rod Christie, vice president of Subsea Systems, said, “West Africa is one of the world's key hydrocarbon basins, and we are excited to be working with Chevron Overseas Congo Limited as operator of the Lianzi project, the first cross-border development in the region. This contract win is not just an expansion of our relationship with Chevron. It represents our product competitiveness in the global marketplace, ongoing commitment to the region and continued demand for our state-of-the-art technology solutions.” The £1.2 billion (US$2.0 billion) Lianzi development will include a subsea production system and a 27- mile (43 km) electrically heated flowline, the first of its kind at this water depth. The flowline will transport oil from the field to the BBLT (Benguela-Belize, Lobito-Tomboco) platform. About GE GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com. About GE Oil & Gas GE Oil & Gas is a world leader in advanced technology equipment and services for all segments of the oil and gas industry, from drilling and production, LNG, pipelines and storage to industrial power generation, refining and petrochemicals. GE Oil & Gas also provides pipeline integrity solutions, including inspection and data management, and designs and manufactures wire-line and drilling measurement solutions for the oilfield services segment. As part of its customer focus and commitment, GE Oil & Gas exploits technological innovation from other GE businesses, such as aviation and healthcare, to continuously improve oil and gas industry performance and productivity. GE Oil & Gas employs more than 35,000 people worldwide and operates in more than 100 countries. Follow GE Oil & Gas on Twitter @GE_OilandGas. GE Oil & GasFabio Pianini+39 055 423 8872fabio.pianini@ge.comorMasto Public RelationsKen Darling or Kate Culman+1 518 786 6488kenneth.darling@ge.comkate.culman@mastopr.com