GE oil and gas unit announces $1.3B in contracts

General Electric's oil and gas unit announces $1.3 billion in contracts

Associated Press

General Electric's oil and gas unit announced $1.3 billion worth of equipment and service contracts on Monday, including almost $1 billion for a big natural gas project in western Australia.

GE Oil & Gas said the project is being developed by Inpex Corp. and Total, the French energy company.

The other contracts include underwater production equipment and related gear and services for a project in the North Sea near Britain, and equipment for a floating oil platform being built near Brazil.

The announcements were made as part of the GE Oil & Gas annual meeting in Florence, Italy.

Shares of General Electric Co. fell 24 cents to $18.79 in midday trading. That's about midway between its 52-week range of $14.02 to $21.65.

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