General Electric Signs $600 Million in Brazilian Contracts

Don't let it get away!

Keep track of the stocks that matter to you.

Help yourself with the Fool's FREE and easy new watchlist service today.

General Electric (NYSE: GE  ) has done it again. Hard on the heels of its massive $500 million contract win in January, when the company was contracted to supply Petrobras (NYSE: PBR  ) (NYSE: PBR-A  ) with gas turbines and electric generators for use in a new pre-salt offshore oil project, GE announced multiple contract wins for further equipment to multiple customers, totaling $600 million in value.

According to the company, the contracts in question were signed over the past 12 months and pertain to "propulsion systems" sold to customers drilling in the pre-salt oilfields off Brazil's eastern coast. The systems in question "will power, propel, navigate, position, and control" 22 out of 29 drillships operating in the area "and also power and control the drilling process itself." And once again, GE singled out Petrobras as its primary customer on these contracts.

In a statement, GE noted that the pre-salt area in question is located as far as 300 kilometers from the Brazilian coast, in "rock formations up to 5 km below the seabed and in water depths of up to 2,000 meters." GE added: "The pre-salt layer holds an estimated 10-16 billion barrels of oil equivalent."

GE shares didn't respond to the news, however, instead declining 1.5% to close at $23.00.

Read/Post Comments (0) | Recommend This Article (4)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2345117, ~/Articles/ArticleHandler.aspx, 10/1/2016 6:57:47 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 9 hours ago Sponsored by:
DOW 18,308.15 164.70 0.91%
S&P 500 2,168.27 17.14 0.80%
NASD 5,312.00 42.85 0.81%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/30/2016 4:01 PM
GE $29.62 Up +0.09 +0.30%
General Electric CAPS Rating: ****
PBR $9.33 Up +0.06 +0.65%
Petroleo Brasileir… CAPS Rating: **
PBR-A $8.31 Up +0.09 +1.09%
Petroleo Brasileir… CAPS Rating: *****