GE Oil & Gas has signed a long-term service agreement (LTSA) to provide subsea services for natural gas assets operated by Chevron and located off the north-west coast of Western Australia.

GE said that the latest agreement will expand the company’s services footprint for oil and gas projects in the region.

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GE Oil & Gas president and CEO Lorenzo Simonelli said: "Given the current strong headwinds facing the industry, the sector, and the world, is crying out for innovative solutions to extracting, transporting and processing oil and gas.

"The sector, and the world, is crying out for innovative solutions to extracting, transporting and processing oil and gas."

"Most oil and gas sector companies are looking for fresh ways to tackle these challenges, and many are turning to technology."

Under the agreement, GE will provide project management, inventory storage, preventative maintenance and obsolescence management services.

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Other services will also be offered on demand, including engineering analysis, field services, rental tooling, corrective maintenance, wellheads, spare equipment and training.

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GE Oil & Gas regional director Mary Hackett said: "Lower commodity prices and continued market volatility present an opportunity for businesses to invest in technology to help them get the most out of their assets."

In February 2014, Chevron Energy Technology Company and GE Oil & Gas created the new Chevron GE Technology Alliance, which will develop new technologies to solve critical issues faced by the oil and gas industry.