General Electric (NYSE: GE) made its first foray into offshore drilling with a $54 million investment in a drillship named the Peregrine I. The ship will be used to drill for oil off the coast of Brazil to a depth of up to 25,000 feet in up to 5,200 feet of water. The Peregrine is currently under contract with Brazil's state-owned oil company, Petrobras. Brazil's deepwater ocean became a focal point for exploration in November when Petrobras announced what is believed to be the second-largest oil and gas find in 20 years! The new offshore field, named the Tupi Field, will produce an estimated 500,000 barrels of oil a day at full capacity.