BHGE and C3.ai announced the launch of BHC3 reliability. Baker Hughes, a GE company announced the pricing of a secondary offering of 115 million shares of BHGE Class A common stock. AI application provides early warning of production downtime and process risk to improve operational productivity. The first artificial intelligence software application developed by the BakerHughesC3. The revenue of $6.0 billion for the quarter, up 7% sequentially and up 8% year-over-year.
The scope includes subsea umbilicals, risers and flowlines (URF) and subsea production systems (SPS) solutions. The scope includes medium water horizontal Xmas trees, associated subsea control Semstar5 systems and wellheads. UNIFY2019, the now generally available application uses deep learning predictive models. The underwriters will have a 30-day option to purchase up to an additional 15.75 million shares of Class A common stock.
Derek Mathieson, chief marketing and technology officer says “This application is a demonstration of how the BakerHughesC3.ai team is moving with speed”.
Natural language processing, and machine vision to continuously aggregate data from plant-wide sensor networks. New system connects to flagship machinery management software for proactive monitoring. Using historical and real-time data from entire systems, the BHC3 Reliability machine learning models identify anomalous conditions. System allows operators to realize full value of fiber-optic technology to improve well performance. Application alerts enable proactive action by operators to reduce downtime and lost revenue.
The underwriters will have a 30-day option to purchase up to an additional 17.25 million shares. Baker Hughes, a GE company and C3.ai announced the launch of BHC3 reliability. Applicable to operations across all sectors of the energy value chain. GAAP operating income of $271 million for the quarter, increased 54% sequentially. McDermott International, Inc. (NYSE:MDR) and Baker Hughes, a GE company announced that the companies were awarded contracts.
BHC3 Reliability’s system-of-systems approach scales to any number of assets and processes across offshore. Company provide a joint URF and SPS solution for the INPEX-operated Ichthys Liquefied Natural Gas (LNG) field development. BHGE’s holistic approach to subsea development Subsea Connect played an integral role in contract win. It includes Onshore platforms, compressor stations, refineries, and petrochemical plants, reducing downtime and increasing productivity.
The contract was awarded in the first quarter of 2019 and includes medium water horizontal Xmas trees. BHGE is not offering any shares of Class A common stock in the offering. The AI-enabled BHC3 Reliability application, powered by the BHC3 AI Suite, draws on BHGE. The offering is expected to close on September 16, 2019, subject to customary closing conditions. UNIFY2019 now generally available application uses deep learning predictive models.
The augmenting application alerts with failure prevention recommendations and prescriptive actions. It will not receive any proceeds from the sale of shares in the offering. The platform connects to all major industrial machines, with applications ranging from oil and gas, to power. It address the need for AI applications that deliver increased productivity, efficiency, and safety. The adjusted operating income (a non-GAAP measure) of $361 million for the quarter, up 32% sequentially.
BHGE demonstrates the benefits of Subsea Connect, an industry changing approach. J.P. Morgan, Citigroup, Goldman Sachs & Co. LLC and Morgan Stanley are acting as joint lead book-running managers for the offering. Sophisticated architecture offers enhanced versatility to allow management of the most complex application. BHC3 Reliability delivers the system-wide insights from data that are only possible with the use of leading AI.
Ed Abbo, president and CTO, C3.ai says “The rapid release of BHC3 Reliability soon after the BHGE and C3.ai joint venture agreement”.
BHGE is not offering any shares of Class A common stock in the offering. BHC3 reliability machine learning models identify anomalous conditions. The award includes a joint URF and SPS EPCI solution. BHGE announced that it has agreed to repurchase from one or more of GE. The Orbit 60 Series is the next-generation platform that collects and processes data. It sends a clear signal that BakerHughesC3.ai is a transformative force for the oil and gas industry.
Through work together, it uniquely positioned to deliver significant value to oil and gas. The Company intends to fund the share repurchase with cash on hand and other available sources of liquidity. It is the first intrinsically cyber-secure machinery monitoring system with a built-in data diode. The offering and share repurchase have been unanimously approved by the Company’s board of directors. The companies quickly deploying domain-specific advanced AI applications for diverse use cases.