GE on Monday completed its buyout of industrial service firm Baker Hughes to create the world’s second largest oilfield service provider.
The new entity, which will have 70,000 employees, will be called “Baker Hughes, a GE company” and will represent the second biggest company in the field in terms of revenue with $23bn annually.
It will offer oilfield gear including blowout preventers, drilling equipment and chemicals along with other products and services.
And it will have access to GE’s R&D facilities as well as its Predix software and analytics.
Last year Baker Hughes, which has headquarters in Houston and London, was involved in a failed attempted merger with Halliburton.