General Electric wins $500M contract with Brazilian oil giant

By Stephanie Borise Furrer
Hearst Connecticut Newspapers

General Electric said it won a contract valued at more than $500 million to supply equipment and services to Petrobras, Brazil’s government-owned oil company.

The contract for turbomachinery equipment will serve four new floating production, storage and offloading units in the Santos Basin fields located in the state of Sao Paulo.

“Our focus is to seek partnerships like this, where GE can offer its expertise to support the economic development of Brazil,” Reinaldo Garcia, president and CEO of GE Latin America, said in a statement. “The country continues to assume an increasingly strategic position to the company’s business globally, and Petrobras is one of the most important partners we have.”

The equipment, which includes will generate electricity for the floating units using gas turbines and generators, moving gas through pipelines using compressors and re-injecting carbon dioxide and natural gas back to the well to enhance the recovery of the oil.

Shares of Fairfield-based GE rose 8 cents, or 0.4. percent, to $21.20 on Tuesday. They have traded in a 52-week range of $18.02 to $23.18.