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2016-10-17

SKF: SKF and GE Oil & Gas sign collaboration agreement to develop use of active magnetic bearing applications

Collaboration agreement widens scope of use for active magnetic
bearings for turbomachinery within the oil and gas sector

Gothenburg, 17 October 2016: SKF and GE Oil & Gas have signed a
non-exclusive, licence-based collaboration agreement, aimed at
further developing the use of active magnetic bearing technologies
within the oil and gas sector.

As part of the agreement, GE Oil & Gas will make use of SKF's leading
magnetic bearing technologies from front-end engineering design to
installation, testing and service to customers. The partnership also
provides the basis for future collaboration, to widen the scope of
applications of active magnetic bearings into other GE Oil & Gas
turbomachinery, such as steam and gas turbines.

Victoria van Camp, President, Business and Product Development at SKF,
says: "SKF's active magnetic bearing technology has already enabled a
number of breakthroughs within the oil and gas sector. Through this
agreement, we are strengthening our technology leadership and
enhancing our relationship with GE Oil & Gas. We are also
implementing a new business model, which will ensure that we widen
the scope of applications for these technologies."

Luca Maria Rossi, General Manager for Turbomachinery Solutions Product
Management, GE Oil & Gas, says: "Active magnetic bearings bring
relevant benefits in terms of reliability, maintenance needs and
performance in our compressor technology. Through this strategic
agreement, we will be able to provide our customers more optimized
solutions with GE as a unique point of contact for the entire
machinery and auxiliaries. SKF will bring the know-how and core
expertise, while GE Oil & Gas brings the scale, process and service
capabilities in order to better serve oil and gas operators."

Aktiebolaget SKF
(publ)

For further information about GE Oil & Gas, please visit:
https://www.geoilandgas.com/

For further information, please contact:
PRESS: Theo Kjellberg, Director, Press Relations
tel: +46 31 337 6576, mobile: +46 725-776576, e-mail:
theo.kjellberg@skf.com

INVESTOR RELATIONS: Patrik Stenberg, Head of Investor Relations
Patrik Stenberg, +46 31-337 2104; +46 705-472 104;
patrik.stenberg@skf.com

SKF is a leading global supplier of bearings, seals, mechatronics,
lubrication systems, and services which include technical support,
maintenance and reliability services, engineering consulting and
training. SKF is represented in more than 130 countries and has
around 17,000 distributor locations worldwide. Annual sales in 2015
were SEK 75 997 million and the number of employees was 46 635.
www.skf.com

® SKF is a registered trademark of the SKF Group.

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http://news.cision.com/skf/r/skf-and-ge-oil---gas-sign-collaboration-agr...
http://mb.cision.com/Main/637/2101897/575379.pdf

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