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GE Forms Joint Venture With Transfield

MEDIACOM-RELEASE-GE-POWER-SYSTEMS

GE FORMS JOINT VENTURE WITH TRANSFIELD

SCHENECTADY, N.Y., Jan. 24 RNewswire-Asianet/ -- GE Power Systems today announced the formation of a joint venture called TGE Energy Services to provide maintenance and repair services for steam and gas turbines, generators and compressors in the power, oil and gas, and industrial markets of Australia, New Zealand and Papua New Guinea.

Owned 51% by GE, the new company is a joint venture between Transfield Pty. Ltd. and GE Energy Services (Australia) Pty. Ltd., both based in Sydney, Australia. Transfield Pty. Ltd. is a leading developer, owner and provider of engineering, construction, operation and maintenance services in Australia.

TGE Energy Services will supply shop and field maintenance and repair services for steam and gas turbines, generators and compressors, and shop maintenance of motors, pumps and valves. The joint venture includes Transfield's service shops in Perth and Bunbury, and also includes a technology license agreement with GE Power Systems. Financial details of the joint venture were not disclosed.

"This joint venture continues our global strategy of serving customers through an ever-expanding portfolio of products and services for the energy industry, from wellhead to consumer," said Robert L. Nardelli, president and chief executive officer of GE Power Systems. "Merging GE technology with Transfield's strong local presence and access to local labor will enable TGE Energy Services to offer a cost-effective, competitive services platform in the region."

GE believes the new joint venture offers the potential to leverage a major share of the Australian services market, estimated at approximately $150 million annually. The installed equipment base in the Australian markettotals 43 gigawatts of power generation equipment, including 98 gas turbines, 104 steam turbines and 91 GE Nuovo Pignone compressors.

"TGE Energy Services will be a one-stop, full-service provider for the utility, oil and gas, industrial and independent power markets in the Australian region," said Ricardo Artigas, president of GE Energy Services. "The joint venture combines GE's world-leading technology and resources with the local access provided by Transfield's distributed sales force and established relationships."

About GE Power Systems

GE Power Systems, based in Schenectady, N.Y., is one of the world's leading suppliers of power and process plant technology, energy services and energy management systems. The $10 billion GE business serves customers through a global network of offices and service centers, and has the largest installed base of power generation equipment in the energy industry. GE provides turnkey equipment, service and management solutions across several industries, including utility, independent power, oil and gas and industrial/commercial customers.

GE Energy Services, a GE Power Systems business based in Atlanta, Ga., is the world's largest third-party provider of services - offered globally through a single point of contact -- for managing and optimizing power systems performance. Offering comprehensive high technology services and parts throughout the energy cycle, GE helps global customers decrease maintenance costs, lower inventory expenses, reduce risk and maximize plant availability.

About Transfield

Transfield Pty. Ltd., one of Australia's largest privately owned companies, was established in 1956 and today has about 8,000 employees. Posting US $1.1 billion in sales for 1998, the company has completed or commenced to build, own, and operate projects throughout the region worth more than US $2.6 billion. Transfield is a regional leader in the development of private infrastructure. It is a developer, owner, operator and provider of engineering, construction, equipment and maintenance services to the power, process, defense and telecommunications industries in Australia, New Zealand and throughout Asia.

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