GE To Make Oil Equipment For Petrobas

NEW YORK (AP) -- GE received a $160 million from Brazil's national oil company to supply equipment for offshore drilling, the company said Wednesday.

GE will supply PNBV-Petrobras Netherlands BV, a subsidiary, with gas turbine and compressor equipment for deployment in two floating production, storage and offloading vessels, GE said.

The vessels will support production of 360,000 barrels of oil per day and are scheduled to come online in 2013, GE said.

The GE equipment, built by GE Oil & Gas, will be manufactured in Florence, Italy.

Shares of General Electric Co. rose 3 cents to $15.24 in morning trading.

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