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30 January
Baker Hughes Awarded Contract for LNG Systems and Services Agreement with Venture Global for Plaquemines LNG Project

Baker Hughes secures contracts for LNG systems and services to support Venture Global's Plaquemines LNG project.

Quiver AI Summary

Baker Hughes has announced a significant contract to deliver a modular liquefied natural gas (LNG) system and power island for Venture Global's LNG projects in the U.S., along with a multi-year services agreement for maintenance and support for phases 1 and 2 of the Plaquemines LNG project in Louisiana. This collaboration is aimed at enhancing LNG production capacity to over 100 million tons per annum, reflecting a growing demand for reliable energy sources. Both the equipment order and services agreement were finalized in the fourth quarter of 2024. Baker Hughes has a long-standing relationship with Venture Global, having previously contributed to LNG facilities such as Calcasieu Pass, and the recent news highlights a continued commitment to sustainable energy solutions.

Potential Positives

  • Baker Hughes has secured a significant contract to provide key LNG systems and power solutions for Venture Global's Plaquemines LNG project, reinforcing its position in the LNG market.
  • The multi-year services frame agreement enhances Baker Hughes' ongoing relationship with Venture Global, ensuring continued revenue from maintenance and operational support.
  • This project contributes to Baker Hughes' strategic objective of supporting sustainable energy development through reliable and efficient natural gas operations.
  • The partnership demonstrates Baker Hughes' capability and experience in delivering over 100 MTPA of production capacity, solidifying its role as a trusted LNG solutions supplier.

Potential Negatives

  • Dependence on a single large project with Venture Global may pose risks if the project's timeline or expected outcomes are disrupted.
  • The announcement comes in a context where LNG projects face increasing scrutiny and opposition due to environmental concerns, potentially impacting Baker Hughes' reputation.
  • The equipment order and services agreement were secured only in the last quarter of 2024, indicating potential delays or urgent needs that may not have been planned for adequately.

FAQ

What contract has Baker Hughes secured for the Plaquemines LNG project?

Baker Hughes has secured a contract to provide a modularized LNG system and power island for the Plaquemines LNG project.

What is the purpose of Baker Hughes' multi-year services agreement?

The agreement includes maintenance, inspection, repairs, and engineering services to support phases 1 and 2 of the Plaquemines LNG project.

How much production capacity will Baker Hughes help Venture Global deliver?

Baker Hughes will help Venture Global deliver over 100 million tons per annum (MTPA) of LNG production capacity.

What was the recent milestone achieved by the Plaquemines LNG facility?

The facility successfully loaded and departed its first LNG cargo after reaching initial production.

Who leads Baker Hughes, and what is their vision for energy?

Lorenzo Simonelli is the chairman and CEO, emphasizing reliable and efficient natural gas operations for sustainable energy development.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$BKR Insider Trading Activity

$BKR insiders have traded $BKR stock on the open market 9 times in the past 6 months. Of those trades, 0 have been purchases and 9 have been sales.

Here’s a breakdown of recent trading of $BKR stock by insiders over the last 6 months:

  • LORENZO SIMONELLI (Chairman, President and CEO) has made 0 purchases and 2 sales selling 228,572 shares for an estimated $8,405,735.
  • MARIA C BORRAS (EVP, Oilfield Services & Equip) has made 0 purchases and 2 sales selling 75,250 shares for an estimated $3,282,190.
  • NANCY BUESE (EVP & Chief Financial Officer) has made 0 purchases and 5 sales selling 25,000 shares for an estimated $968,010.

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Full Release




  • Baker Hughes to supply power island and liquefaction train systems, and signs multi-year services frame agreement to support phases 1 and 2 of Plaquemines LNG project




  • As a strategic LNG solutions supplier, Baker Hughes to help Venture Global deliver 100+ MTPA of production capacity


HOUSTON and LONDON, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR), an energy technology company, announced Thursday that it has been awarded a major contract to provide a modularized liquefied natural gas (LNG) system and power island to support Venture Global (VG) LNG projects in the United States. In addition, Baker Hughes signed a multi-year services frame agreement, including maintenance, inspection, repairs and engineering services, to support phases 1 and 2 of VG’s Plaquemines LNG project in Louisiana. The equipment order and services agreement were both secured in the fourth quarter of 2024.

“As power demand surges, LNG has a critical role to play in providing a reliable, flexible fuel source that can be quickly scaled to meet rising demand,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “We have been a trusted partner in natural gas operations for more than 30 years, and our collaboration with Venture Global is a key example of what our industry needs more of today: businesses coming together to leverage best-in-class technologies and services that can deliver reliable and efficient natural gas operations to support sustainable energy development.”

“Baker Hughes continues to be a trusted partner for Venture Global in delivering a secure, reliable energy supply to the world and we are thrilled to add another significant milestone on our partnership,” said Mike Sabel, CEO of Venture Global.

Baker Hughes, as a strategic LNG technology supplier to Venture Global
for more than 100 million tons per annum (MTPA)
of production capacity, has already
provided comprehensive
LNG solutions to the Calcasieu Pass and Plaquemines LNG facilities.

Recently, Venture Global
announced
the successful loading and departure of the first liquefied natural gas (LNG) cargo produced from its Plaquemines LNG facility, after reaching first LNG production.


About Baker Hughes

Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at
bakerhughes.com
.


For more information, please contact:


Media Relations

Chiara Toniato

+39 3463823419


chiara.toniato@bakerhughes.com


Investor Relations

Chase Mulvehill

+1 281-809-9088

investor.relations@bakerhughes.com

This article was originally published on Quiver News, read the full story.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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