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General Electric Wins Petrobras Contract

Dan Freed

A General Electric (GE Quote) subsidiary won a three-year contract worth more than $250 million to supply drilling equipment to Petrobras (PBR Quote), the company announced Monday.

GE Oil & Gas had revenues of $7.4 billion last year, $6.8 billion in 2007 and $4.3 billion in 2006. It is part of GE's Energy Infrastructure unit, about which GE officials are optimistic for 2009. Its first-quarter results were up 19%, but on a conference call discussing those results analyst Nicole Parent of Credit Suisse said order cancellations were rising in that unit.