GE Oil & Gas has signed a Master Service Agreement with Statoil for new subsea projects that will enable GE to continue to support the international energy company’s value creation in a low oil price environment.

The global agreement forms the basis for potential new contracts for subsea equipment and services on new projects and field developments. The contract is valid globally until 2025. “We are pleased to have secured an agreement with Statoil that paves the way for further and deeper collaboration between the companies within the subsea segment in the next decade,” says Tom Huuse, Managing Director of GE Oil & Gas in Norway.

GE Oil & Gas recently delivered subsea production system equipment for Statoil’s Snøhvit gas field in the Barents Sea on the Norwegian Continental Shelf.

In today’s oil price environment, sustained focus on costs and efficiency will ultimately be the key to develop several currently marginal prospects and discoveries. GE and Statoil are already working closely together in the Power Collaboration initiative, which aims to accelerate the development of sustainable cost efficient energy solutions. More about Powering Collaboration.