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GE lands $500M Petrobras contract

FAIRFIELD, Conn. (AP) -- General Electric Co. said on Tuesday that it has won a contract worth more than $500 million to supply equipment and services to the Brazilian energy company Petrobras.

The contract is for turbomachinery equipment for work in four new floating production, storage and offloading units in the state of Sao Paulo. The gear generates power for the floating units using turbines and generators, moving gas through pipelines using compressors.

The project includes 16 powergen generators, eight compression trains, and 32 compressors driven by electric motors. GE is also installing and repairing the units.

GE shares slipped 6 cents to $21.06 in morning trading. They have traded in a 52-week range of $18.02 to $23.18.