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BAKER HUGHES COMPANY

(BKR)
  Report
Delayed Nasdaq  -  04:00 2022-12-02 pm EST
29.51 USD   +0.85%
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Baker Hughes : Announces Service Contract with Coral FLNG in Mozambique

09/29/2022 | 10:14pm EST
  • Contract builds upon prior contracts for facility's rotating equipment for power and gas refrigeration process
  • The Outcome-based Service Contract also includes enterprise services for remote monitoring and diagnostics of machinery, including cyber-asset management, as part of Baker Hughes' Industrial Asset Management (IAM) solutions

HOUSTON and LONDON -Sept. 30, 2022 - Baker Hughes announced on Friday a new service contract for maintenance and monitoring of turbomachinery equipment operations at Coral Sul FLNG, the first deep-water floating liquefied natural gas (LNG) operating off the coast of Mozambique on the Eni-led Coral South project.

The contractual service agreement is a prime example of Baker Hughes' shared-success model with customers, which aligns mutual incentives under an outcome-based service contract. This best-practice approach will guarantee the performance of the rotating equipment at Coral Sul FLNG under pre-determined metrics, such as reliability of compressors and efficiency and low emissions of gas turbines. The contract also includes a provision of resident engineers, supervisors, repairs and spare parts to support maintenance activities. Baker Hughes has committed to utilizing local resources in Mozambique helping to further grow local talent in supporting the vital energy sector.

As part of the scope, Baker Hughes will also provide remote monitoring and diagnostics services, leveraging its iCenter capabilities, including Carbon Optimizer as well as a suite of other digital services based on Bently Nevada'sSystem 1 technology, which includes health and maintenance monitoring, data services and cyber-asset management.

This new service agreement builds on an existing Coral Sul FLNG's contract awarded to Baker Hughes in 2017for the project's power and gas refrigeration process, including four turbo-compression trains with aeroderivative gas turbine and centrifugal compressor technology, as well as four turbo-generation units.

"This agreement shows how we embed our decades of LNG experience and constant collaboration with our customers to develop solutions to meet their specific needs and outcomes," said Rod Christie, executive vice president of Turbomachinery & Process Solutions at Baker Hughes. "Demand for LNG is on the rise, illustrating how natural gas is playing a foundational role in supporting the many types of transitions along the paths to net-zero emissions. This deal also represents the expertise and portfolio of comprehensive solutions that the recently announcedIndustrial & Energy Technology business segment of Baker Hughes will provide to customers."

Coral Sul FLNG is the first deep-water floating LNG facility operating on the Eni led Coral South Project on behalf of Area 4 Partners (ExxonMobil CNPC, GALP, KOGAS and ENH). With a liquefaction capacity of 3.4 million tons/year, Coral Sul FLNG will put in production 450 billion cubic meters of gas from the giant Coral reservoir, located in the Rovuma Basin Area 4 offshore Mozambique at a water depth of around 2,000 meters. It is expected to begin operations later in 2022, becoming the first LNG project in Mozambique to come online for exports.

The service contract is agreed to for eight years, and services are to commence at the end of 2022.

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

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Disclaimer

Baker Hughes Company published this content on 30 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 September 2022 02:13:01 UTC.


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Financials (USD)
Sales 2022 21 345 M - -
Net income 2022 -395 M - -
Net Debt 2022 3 518 M - -
P/E ratio 2022 -73,6x
Yield 2022 2,44%
Capitalization 29 553 M 29 553 M -
EV / Sales 2022 1,55x
EV / Sales 2023 1,33x
Nbr of Employees 55 000
Free-Float 99,2%
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Last Close Price 29,51 $
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Managers and Directors
Lorenzo Simonelli Chairman, President & Chief Executive Officer
Nancy K. Buese Chief Financial Officer
Jeff Fleece Chief Information Officer
Gregory D. Brenneman Independent Director
Lynn Laverty Elsenhans Independent Non-Executive Director
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