Frame Agreement Includes Supply of Equipment and Services for 5 Years

FLORENCE, Italy, May 15, 2008 (BUSINESS WIRE) -- VetcoGray, a GE Oil & Gas business, has received an award for a
frame agreement covering a period of five (5) years to supply subsea
equipment and support services for the Gorgon Project.

The Gorgon Project includes the subsea development of the Greater
Gorgon natural gas fields, located about 130 kilometers (km) off the
north-west coast of Western Australia and that have water depths of
200-to-1,300 meters and lie between 65 and 134 km from Barrow Island.
The fields will be linked to a three train, 15 million tons-per-year
LNG facility, with provision for domestic gas production on Barrow
Island. Chevron Australia Pty Ltd of Perth is 50% owner and operator
of the Gorgon Project in a joint venture with the Australian
subsidiaries of ExxonMobil and Shell.

VetcoGray is a leader in the supply of long offset subsea control
systems to facilitate subsea-to-beach field developments such as the
Gorgon Project.

"We're extremely pleased that Chevron has selected our technology,
which has been proven in LNG applications worldwide, for this major
Australian development," said Dave Tucker, chief operating officer of
VetcoGray. "The Gorgon Project offers a tremendous opportunity to
expand our capabilities to support commercialization of the
significant gas resources located offshore north Western Australia."

The scope of VetcoGray's contract includes the supply of
manifolds, pipeline termination structures, pipeline end terminations,
trees with subsea control modules, wellheads, production control
systems, system integration testing, installation and operations
support.

"Our capacity to provide a complete spectrum of reliable equipment
and services was key to winning the award," noted Tucker.

The VetcoGray project team will be based in Perth while
engineering of the highly specialized subsea systems will be carried
out at VetcoGray's centers of excellence located in Aberdeen and
Nailsea (UK); Houston (USA); Billingstad (Norway); and Singapore.
Manufacturing and sourcing will also take place across several
international locations, including potentially Australia. The schedule
for the supply and delivery of the equipment is to be developed.

"We look forward to establishing a dedicated local facility to
help expand our service capabilities in support of the installation
and commissioning of the Gorgon Project, as well as for providing
enhanced field support to our installed base in the region," Tucker
said.

While the Gorgon Project is the largest for VetcoGray to date in
Australia, the company has previously supplied equipment for the
Blackback, Stybarrow and Montara projects in the region. In addition,
VetcoGray has worked with Chevron on several other projects worldwide,
the most recent being the Tombua Landana and Lobito Tomboco projects
in Angola.

About VetcoGray

VetcoGray (www.geoilandgas.com/vetcogray) is a GE Oil & Gas
business specializing in upstream drilling, completion and production
technology for the onshore, offshore and subsea oil and gas industry.
Its product offering includes specialty wellheads, trees, valves,
connectors, controls and related systems to meet the unique challenges
of harsh environments with extreme pressure and temperatures.
VetcoGray's 5,500 professionals are part of the GE Oil & Gas team that
has provided advanced technology products and services for production,
LNG, pipelines, storage, refinery and petrochemicals for more than 100
years.

SOURCE: GE Oil & Gas

GE
Oil & Gas
Sara Hassett, +39 055 423 3361
sara.hassett@ge.com
or
Masto Public Relations
Ken Darling or Tom Murnane
+1 518-786-6488
Kenneth.darling@ge.com
Tom.murnane@mastopr.com
or
VetcoGray
a GE Oil & Gas business
Chau Nguyen +1 713-458-3629
chau.nguyen@ge.com
or
Chevron Australia Pty Ltd
Nicole Hodgson, +61 8 9216 4485
Media Advisor, Asia Pacific
nhodgson@chevron.com

Copyright Business Wire 2008