Solar(R) Turbines Announces Long-Term Strategic Agreement With China National Offshore Oil Corporation
Posted on: Friday, 1 September 2006, 09:00 CDT
BEIJING, Sept. 1 /PRNewswire-FirstCall/ -- Executives from Caterpillar Inc. subsidiary Solar Turbines and from China National Offshore Oil Corporation (CNOOC) today signed a long-term strategic agreement between the two companies. Under terms of the strategic agreement, Solar Turbines will be a CNOOC preferred aftermarket supplier for goods and services for Solar Gas Turbines equipment. China National Offshore Oil Corporation is a state-owned oil company authorized to work with foreign enterprises for the exploration and development of offshore petroleum resources.
"This is an important and positive step in the continued development of our ongoing relationship with CNOOC," said Steve Gosselin, Solar Turbines president and Caterpillar vice president. "As China continues its phenomenal growth and development, this agreement will position Solar Turbines to provide CNOOC and its customers with unparalleled service and support."
Solar Turbines Vice President Dave Esbeck and CNOOC Vice President Zhou Shou Wei participated in a signing ceremony at CNOOC's headquarters in Beijing.
"CNOOC is a valued customer as well as an efficient world-class oil and gas company that is vital to China's rapidly developing petroleum industry," Esbeck said. "This strategic agreement will help Solar provide even greater service to CNOOC, improving the efficiency of energy production in China while also ensuring that state-of-the-art Solar products continue to provide reliable service to CNOOC."
CNOOC already has a large fleet of Solar gas turbine generator sets and compressor units supporting its offshore oil and natural gas operations in China and elsewhere in Asia. The goal of the long-term strategic agreement is to provide CNOOC with a total lower cost option and the greatest value for the continued service and maintenance of the Solar Turbines fleet. The new agreement should also mean any needed or scheduled service will be completed in a more timely and efficient manner.
About Solar Turbines:
Solar Turbines Incorporated, headquartered in San Diego, California, is a wholly owned subsidiary of Caterpillar Inc. Solar manufactures the world's most widely used family of mid-sized industrial gas turbines. More than 12,000 Solar units are operating in 93 countries around the world. Primary applications include electric power generation, oil and natural gas production and gas transmission.
About Caterpillar:
For more than 80 years, Caterpillar Inc. has been making progress possible and driving positive and sustainable change on every continent. With 2005 sales and revenues of $36.339 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines. More information is available at http://www.cat.com/ .
SAFE HARBOR
Certain statements in this release relate to future events and expectations and as such constitute forward-looking statements involving known and unknown factors that may cause actual results of Caterpillar Inc. to be different from those expressed or implied in the forward-looking statements. In this context, words such as "expects,""anticipates,""intends,""plans,""believes,""seeks,""will," or other similar words and phrases often identify forward-looking statements made on behalf of Caterpillar. It is important to note that actual results of the company may differ materially from those described or implied in such forward looking statements based on a number of factors and uncertainties, including, but not limited to, changes in economic conditions, currency exchange rates or political stability; market acceptance of the company's products and services; significant changes in the competitive environment; changes in law, regulations and tax rates; and other general economic, business and financing conditions and factors described in more detail in the company's filings with the Securities and Exchange Commission, including the quarterly report filed on Form 10-Q with the Securities and Exchange Commission on August 2, 2006. We do not undertake to update our forward-looking statements.
Caterpillar Inc.
CONTACT: Jim Dugan, Government Relations & Corporate Affairs,Caterpillar (China) Investment Co., Ltd., Office, (86-10) 5921 0166, orMobile, (86) 1391 093 4649, dugan_jim@cat.com
Web site: http://www.cat.com/
Source: PRNewswire-FirstCall
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