1Heat oven to 350°F. Grease bottom and side of round pan, 9x1 1/2 inches, with shortening; lightly flour.
2Beat all ingredients except orange segments and whipped topping in medium bowl with electric mixer on low speed 30 seconds, scraping bowl constantly. Beat on high speed 3 minutes, scraping bowl occasionally. Pour into pan. Place orange segments evenly on batter, reserving 6 or 8 orange segments for decorating.
3Bake 35 to 40 minutes or until toothpick inserted in center comes out clean. Cool 10 minutes; remove from pan to wire rack. Cool completely, about 1 hour. Top with whipped topping. Decorate with orange segments.