Partner Article

GE closes in on Wellstream

NEWCASTLE-based offshore oil and gas services company Wellstream could be bought out by US energy giant General Electric, it has emerged.

The firm has been revealed as the initial suitor for Wellstream and is thought to still be the highest bidder having made an offer believed to be around £800 million.

According to the Financial Times, other potential bidders for Wellstream include Italy’s Saipem, partially owned by major oil company ENI.Wellstream confirmed earlier this month that it has received a number of approaches.

A statement on the company’s website said: “The Board of Wellstream has noted the movement in its share price and confirms that it has received a number of preliminary approaches regarding a possible offer for the company.“However, it added that there “can be no certainty that an acceptable offer will ultimately be made”.Wellstream is one of the world’s leading providers of flexible pipeline systems for the oil and gas industry.

This was posted in Bdaily's Members' News section by Ruth Mitchell .