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BHGE hails 'solid' quarter marked by new centre opening

Bosses at Baker Hughes, a GE company have hailed a “solid” second quarter marked by the opening of its subsea centre of excellence in Montrose, Scotland.

Investment in the base, unveiled in June, has created at least 160 new jobs in Montrose, exceeding initial targets and taking the total headcount at the facility to around 560.

During the quarter, BHGE’s OFS team successfully deployed its SureConnect intelligent downhole system for a large operator in the North Sea.

The system enables connection of the upper completion components to the lower completion with hydraulic, electric, or fiber-optic conduits.

The company booked £5.4 billion in orders during the three months.

Second quarter revenues rose 8% year-on-year to £4.8bn, while pre-tax income rose to £68.8m from £47.5m.

For the first half of 2019, revenues jumped 6% to £9.5bn, and pre-tax income totalled £182m, an improvement on a deficit of £22m last year.

Chief executive Lorenzo Simonelli said liquefied natural gas (LNG) projects were a “strong positive” while the firm’s international Oilfield Services (OFS) business continued to be “very successful”.

Mr Simonelli added: “In oilfield services, we executed on our strategy to grow in key international markets, while in North America our production-levered portfolio is driving growth amid uncertain market conditions.

“We executed well on previously-announced wins, helping our customers achieve step-changes in efficiency on some of their most important projects.

“In oilfield equipment, we continue to enhance our offerings through Subsea Connect, and we are focused on technology, lowering project costs and delivering for customers.

“Flexible pipe system orders were up significantly in the quarter compared to the lows of 2018, a good sign for future revenue growth.”

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