GE has signed a master service agreement with Statoil for new subsea projects.
The move is being taken as the company looks for value creation in the low oil price environment.
The global agreement will form the basis for potential new contracts for subsea equipment and services on new projects and field developments.
The contract will be valid until 2025.
Tom Huuse, managing directors of GE Oil & Gas in Norway, said: “We are pleased to have secured an agreement with Statoil that paves the way for further and deeper collaboration between the companies within the subsea segment in the next decade.”
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