Jul 6, 2011
GE (NYSE:GE) Oil & Gas' Drilling & Production business has been awarded a contract of approximately $45M to supply and service the industry's largest tension leg platform to Chevron (NYSE:CVX) for deployment in its Big Foot oil and gas field in the deepwater Gulf of Mexico. Installation of the TLP is scheduled to begin in November 2012 and first oil is expected in 2014.
Chevron has a potential upside of 17.1% based on a current price of $104.86 and an average consensus analyst price target of $122.75.
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