GE Oil & Gas is acquiring John Wood Group plc’s Well Support division, including its electric submersible pump business, in a US$2.8 billion deal.

Wood Group’s Well Support division has three business platforms: ESP (electric submersible pumps), Pressure Control and Logging Services. The Well Support division had 2010 revenues of US$947 million and EBITDA of US$166 million, up 16% and 55% respectively over 2009 levels.

The deal will make GE a key player in enhanced oil recovery by adding electrical submersible pumps (ESPs) to the growing GE portfolio of drilling and production solutions.

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