GE Oil & Gas has signed a new contractual service agreement, worth around $180 million, with the offshore drilling contractor, Transocean.
GE said on Wednesday that the agreement, signed at the end of 2016, entails condition-based monitoring and maintenance services for pressure control equipment on seven of Transocean’s rigs over the next 10 to 12 years.
Lorenzo Simonelli, president and CEO of GE Oil & Gas, said: “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.”
The agreement will see GE’s digital capabilities shift from event and calendar-based maintenance to condition-based monitoring and maintenance. GE believes that its work on parts forecasting and service scheduling will allow Transocean to optimize operations by planning and minimizing between-well maintenance.
Transocean also recently inked two, 10-year pressure control equipment management service contracts, worth more than $350 million, with Cameron, a Schlumberger company.