DTS, which is headquartered in Houston, offers various downstream technologies and services comprising steam turbines, blowers, distributed gas solutions, reciprocating compressors, pumps, valves and distribution systems.

In addition, the business involves in maintenance services and remote monitoring and diagnostics.

GE Oil & Gas president and CEO Lorenzo Simonelli said the company will help customers to optimise operations and accelerate their own growth in an opportunity-filled sector with the new downstream technology solutions business.

"The new business also positions GE to more effectively focus on key downstream industry trends and to better anticipate customer needs," Simonelli added.

GE has agreed to buy reciprocating compression division of Cameron, in January 2014, while it will also join DTS, upon closing the transaction.