General Electric (NYSE:GE) Secures $500 Million Saudi Contract

General Electric (NYSE:GE) has been awarded an oilfield service contract with Saudi Aramco, valued at $500 million.

The giant conglomerate will provide services and equipment to the company.

Included in the equipment provided by General Electric will be 11 gas turbine generators to increase the supply of power at the oil field project, which is in a remote location.

General Electric was trading at $17.44, down $0.25, or 1.41 percent, as of 1:26 PM EST.