GE Oil & Gas Wins $11m Contract with OGX of Brazil to Supply Advanced Subsea Wellhead Technology

Second Contract Secured by GE under a Frame Agreement Signed in December 2008
RIO DE JANEIRO--(Business Wire)--
GE Oil & Gas, a world leading company in oil and gas advanced technology
equipment and services, today announced that it has been awarded a contract of
more than $11 million to supply four VetcoGray subsea wellhead systems and
running tool rentals to OGX Petroleo e Gas Ltda., the largest independent oil
company in Brazil.

The order, the second received by GE under a four-year frame agreement with OGX
signed in December 2008, will include the first two VetcoGray MS-800 subsea
wellhead systems to be delivered in Brazil.

OGX is currently operating nine exploratory blocks in the Campos and Santos
Basins, offshore Brazil, where several subsea exploratory wells will be drilled
within the next three years. The two VetcoGray MS-800 systems, plus two
VetcoGray MS-700 systems also included in the new order, will be installed in
those areas. Overall, OGX has the exploration rights in 22 offshore
high-potential blocks for a four-year exploratory drilling campaign that could
include up to 51 wells offshore Brazil, with the potential to significantly
increase Brazil`s oil discoveries.

"The latest order with OGX marks a major milestone for our new VetcoGray MS-800
subsea wellhead technology," said Fernando Martins, vice president, Latin
America Region for GE Oil & Gas. "These systems will provide OGX with greater
flexibility in terms of casing programs for their deeper wells in Santos Basin.
In addition, some of the components and tools used for MS-800 systems also can
be used for the MS-700 systems, providing additional resources for OGX`s
drilling projects. We are hopeful that the current order will lead to more
opportunities for our MS-800 technology as OGX moves forward with its massive
exploratory campaign."

This additional order and acquisition of latest MS-800 subsea wellhead
technology demonstrate OGX confidence in the long-term partnership with GE Oil &
Gas.

Commenting Reinaldo Belotti, production development director, OGX said, "We
consider GE Oil & Gas one of our key suppliers for our upcoming exploratory
drilling campaigns in Campos and Santos Basins. We are glad to receive GE`s
latest VetcoGray MS-800 subsea wellhead technology, coupled with outstanding
field service performance and large experience in Brazilian water for our
upcoming wells."

All of the equipment for the new order with OGX will be supplied by the Drilling
& Production business of GE Oil & Gas and will be manufactured at the company`s
facilities in Jandira, Sao Paulo state and Macaé, Rio de Janeiro state, Brazil.
The wellhead systems will be delivered to OGX by December 2009.

GE Oil & Gas continues to expand its presence across Latin America`s oil and gas
sector, with more than 1,000 gas turbines and compressors installed throughout
the region. In addition, the company has inspected more than 50,000 kilometers
of oil, gas, water and refined product pipelines in Latin America.

Note to Editors: The VetcoGray MS-800 fullbore subsea wellhead system is
designed to help drillers reach deepwater targets in such promising regions as
the U.S. Gulf of Mexico and offshore Brazil. The system`s increased casing load
capacity allows drillers to run longer strings, enabling larger diameter holes
to go deeper, reaching pay zones with bigger production strings. Higher pressure
capacity also allows the MS-800 to withstand the higher geological formation
pressures that come with deeper production.

In addition to its new technological capacities, the MS-800 builds on the
field-proven design of the MS-700, both with sealing technology and with the
running and testing tools. The industry`s first all-metal sealing wellhead
system, the MS-700 has been proven in nearly 20 years of operation and has been
able to meet some of the industry`s most demanding requirements for
high-pressure, critical service, deepwater drilling and production.

About GE Oil & Gas

GE Oil & Gas (www.ge.com/oilandgas) 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. We also provide pipeline integrity
solutions, including inspection and data management. As part of our 'Innovation
Now' customer focus and commitment, GE Oil & Gas leverages 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 12,000 people worldwide and operates in over 70 countries.

About GE

GE is a diversified global infrastructure, finance and media company that is
built to meet essential world needs. From energy, water, transportation and
health to access to money and information, GE serves customers in more than 100
countries and employs more than 300,000 people worldwide. For more information,
visit the company's Web site at http://www.ge.com. GE is Imagination at Work.

GE Oil & Gas
Nigel O`Connor
+44 (0) 207 302 6941 or +44 (0) 776 611 5135
nigel.o'connor@ge.com
or
Chau Nguyen, +1-713-458-3629
chau.nguyen@ge.com
or
Masto Public Relations
Ken Darling, +1-518-786-6488
kenneth.darling@ge.com

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