GE Oil & Gas president and CEO Claudi Santiago, however, downplayed the suggestion made at a media briefing at the company"s annual meeting in Florence that the acquisition might be part of a shift into integrated upstream project management, emphasizing instead that GE Oil & Gas remained focused on being a technology provider and that Hydril"s product line offered technological synergies with Vetco"s.

Santiago said it was too early to comment on whether Hydril would be merged with Vetco under GE Oil & Gas, but that the two companies" product lines would be integrated and that Hydril"s CEO would report to the head of Vetco, who in turn reports to Santiago.

Hydril"s Pressure Control business focuses on deep and ultra-deepwater applications. Its product line includes blowout preventer systems, parts, and repair and field services to maintain its installed base of products.

The business expects to generate more than $400 million of sales in 2008.

PIN/OGJ.COM