Chevron Awards Long-Term $600M Service Agreement for Gorgon Project in Australia to GE

GE Entrusted with Mission Critical Services for One of the World's Largest Gas Projects 22-Year Contractual Service Agreement Follows More than $1 Billion in Equipment Orders for Gorgon Project since 2008 Pact Highlights GE's Breadth of Expertise in Supporting Global LNG Sector GE (NYSE: GE) today announced it has signed a more than US$600 million 22-year contractual services agreement (CSA) with Chevron (NYSE: CVX) Australia Pty LTD to maintain the compressor trains and associated equipment that will be at the heart of the Gorgon Project off the northwestern coast of Australia. Under the agreement, GE Oil & Gas' Global Services division will provide Chevron Australia with scheduled maintenance, access to expertise through resident engineers, monitoring and diagnostics of the installed equipment coupled with engineering analytics, plus an inbuilt guarantee relating to continuity of production. As part of this collaboration, GE also will manage inventory, supplying initial spare components. The agreement will cover a period of 22 years, with GE's first contract performance manager scheduled to begin working in Perth in October 2012. “Companies around the world continue to express confidence in our services expertise, which enables them to operate as efficiently as possible over the long term. This agreement confirms our capability to meet the growing demand of the oil and gas industry for continuous monitoring and diagnostics of installed equipment globally and especially in areas that are becoming increasingly challenging from an environmental point of view. The underlying mega-trends of the oil and gas industry play to our strengths across the Oil & Gas value chain and that's why our customers look at us for long-term partnerships,” said Dan Heintzelman, president and CEO of GE Oil & Gas.