The master agreement, which is valid globally until 2025, forms the basis for potential new subsea equipment services contracts on new projects and field developments.

GE Oil & Gas in Norway managing director Tom Huuse said: "We are pleased to have secured an agreement with Statoil that paves the way for further and deeper collaboration between the companies within the subsea segment in the next decade."

GE expects the new projects to allow it to continue support its value creation amid low oil price environment.

The partners are currently working on the Power Collaboration initiative, which is intended to accelerate the development of sustainable cost efficient energy solutions.

Recently, GE Oil & Gas delivered subsea production system equipment for Statoil-operated Snøhvit gas field in the Barents Sea on the Norwegian Continental Shelf.

In February 2016, GE launched a joint industry project (JIP) with Statoil, Total, and two other operators to develop a new subsea boosting system.

Known as modular contra-rotating pump (MCP), the boosting system is capable of reducing lifecycle costs by up to 30% while enhancing operational flexibility for operators. It uses technology from the GE Aviation business.

The technology is expected to help unlock and access more oil in new and mature wells conveniently by reducing the topside and subsea footprint by up to 50%.