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Delayed Quote. Delayed  - 10/28 09:34:24 pm
29.345 USD   +2.50%
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General Electric Company : GE Oil & Gas Announces Joint Venture with GLS Holdings SA to Support Rapid Growth in Angola’s Energy Sector

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01/28/2013 | 12:18pm CEST

LUANDA, ANGOLA-January 28, 2013- GE Oil & Gas (NYSE: GE) and the Angolan group GLS Holding S.A. today announced the formation of a new joint venture, GE-GLS Oil & Gas Angola Limited, to better support Angola's rapidly growing oil and gas sector.

As part of the agreement, which received the approval of Angola's National Agency for Private Investment (ANIP), the companies are planning a proposed initial investment of US$175 million to build a new manufacturing facility in Soyo, in the province of Zaire, that will supply subsea equipment to the oil and gas industry in Angola.

Dr. Eugenio Neto, president and CEO of GLS Holding, S.A. and vice president of the new JV, said: "GE-GLS Oil & Gas Angola Limited intends to support the development of Angola, bringing new manufacturing and industrial technologies to the country and creating hundreds of jobs directly and indirectly. The investment represents an important contribution to the country's "Made in Angola" initiative and, consequently, for the continued growth of Angola's oil and gas industry. It will be a great asset to Angola's petroleum sector and the country and its first priority will be to meet domestic demand in Angola."

The new manufacturing facility will start operating in two years.

Due largely to its offshore energy resources, Angola is undergoing rapid transformation and economic growth. The country has experienced increased exploration and development activity from the oil and gas industry over the last decade and is now one of the largest producers of crude oil in Africa.

GE has been active in Angola since the late 1950s, giving its support to the development of the national oil industry. Earlier in 2012, GE Oil & Gas also signed an agreement with Angola LNG, operator of one of the world's most modern LNG and processing facilities, for processing liquefied natural gas (LNG). GE also is a major supplier of gas turbines and compressors for the Angolan offshore energy sector.

GLS Holding, S.A. operates in the oil and gas sector as well as in real estate, construction, insurance, heavy equipment, industry, agriculture, logistics, transport, health, mining, hospitality and tourism, culture, sports and entertainment.

"The purpose of this investment is to provide the country with new production capacities, including high-tech subsea production equipment, that will create added value and technological knowledge," said Marco Caccavale, general manager of GE Oil & Gas for Sub-Saharan Africa. "The expectations for Angola are great. In Angola, growth is more pronounced when it comes to increased oil production, gas processing and proven reserves. GE Oil & Gas is proud to be part of developing Angola's oil sector."

Armindo Costa, president of GE Oil & Gas Angola and the new joint venture, said: "In the growing Angolan oil sector, we see the market favorably as the demand for quality equipment is increasing, which is driving the need for greater manufacturing capacity. Competition is strong and we are here to compete. It is important to produce quality equipment, and we have this quality product. We look forward to the opportunities that the market offers."

Asked about the expectation of growth for GE Oil & Gas in Angola and the need for Angolan workers to develop the project, GE's Costa added: "The dynamics of our growth also are consistent with the perspectives offered by the market. Angola today is producing about 2 million barrels of oil per day, which is why we are making this new investment in Angola's oil industry. An investment of this size will require a large workforce. While there are difficulties in finding staff locally, we are committed to recruiting and training Angolans for the project."

About GE

GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.

About GE Oil & Gas

GE Oil & Gas is a world leader in advanced technologies and services with 37,000 employees in more than 100 countries supporting customers across the industry-from extraction to transportation to end use. Making the environment, health and safety, quality and integrity our highest priorities is The Way We Work. Our technologies and services include: surface and subsea drilling and production, monitoring and diagnostics, measurement and controls, large-scale LNG, pipeline compression and inspection, well site and industrial power generation, technologies for the refining and petrochemical industries,and modular CNG and LNG units for transportation sectors. Through our customized service solutions, training programs and technologies, GE Oil & Gas partners with customers to maximize their efficiency, productivity and equipment reliability; develop their next generation workforce; and fully benefit from the megatrends of natural gas, the growth of subsea and hard-to-reach reserves and the revolution in asset health management.

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Financials ($)
Sales 2016 124 633 M
EBIT 2016 18 170 M
Net income 2016 11 593 M
Debt 2016 76 156 M
Yield 2016 3,29%
P/E ratio 2016 23,00
P/E ratio 2017 18,21
EV / Sales 2016 2,67x
EV / Sales 2017 2,28x
Capitalization 256 560 M
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 32,0 $
Spread / Average Target 12%
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Jeffrey R. Immelt Chairman & Chief Executive Officer
Shane Fitzsimons Senior Vice President-Global Operations
Jeffrey S. Bornstein Chief Financial Officer & Senior Vice President
Jim Fowler Chief Information Officer
Victor Abate Chief Technology Officer & Senior Vice President
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