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    SPM   IT0005252140

SAIPEM S.P.A.

(SPM)
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Saipem S p A : Horisont Energi selects Saipem and Technip Energies for concept studies

06/15/2021 | 02:02am EDT
SANDNES, Norway - June 15, 2021 - Horisont Energi (EURONEXT: HRGI) today
announced that it has selected Saipem S.p.A. (Saipem) and Technip Energies B.V.
(Technip Energies) for two independent concept studies for the full conceptual
design of the Barents Blue carbon-neutral ammonia plant in Hammerfest, northern
Norway. The studies will be key for future decisions to realize the Barents Blue
project.

- By engaging Saipem and Technip Energies, two leading global EPC contractors of
large-scale international industry projects, we aim to find the most innovative
solutions and fully develop the modularized- and winterized process and
utilities design. This will provide us with a solid basis for the decision to
move into FEED and into realization of the Barents Blue project, says Bjørgulf
Haukelidsæter Eidesen, CEO of Horisont Energi. 

The two EPC contractors have several decades of ammonia plant development and
construction experience and provides the project with the highest level of
quality that the market can provide. 

- Together with Haldor Topsøe as ammonia technology licensor, we have set
ourselves up with the best, says Eidesen.

The two competitive concept studies, both starting now and to be completed in
November 2021, will display the design of Europe's first large-scale blue
ammonia plant building upon Haldor Topsøe's SynCOR AmmoniaTM technology with
above 99 percent overall carbon capture. 

In the two concept studies, Saipem and Technip Energies will fully develop the
novel process design that Haldor Topsøe and Horisont Energi have been developing
since May 2020 and now completing in the previously performed Topsøe White Book
processing design study, including the respective modules, utility systems and
equipment needed to realize the full-sized plant. The concept studies will be
performed in close collaboration with Multiconsult ASA, which is responsible for
the site-preparation, construction and infrastructure work.   

- The Haldor Topsøe syngas and ammonia technology is well known to both Saipem
and Technip Energies, which have previously built several ammonia plants with
this technology. We are really looking forward to the completion of the studies,
as they will constitute a central element in the decision-making process for the
design and realization of the ammonia plant, says Eidesen.

Barents Blue will be Europe's first large-scale factory for the production of
so-called "blue" ammonia from natural gas, which means that CO2 is captured
during the production process and stored. The storage will be done by
transporting all CO2 offshore where it is injected into a large geological
reservoir under the seabed. 

The proposed plant will offer a climate-friendly market outlet for a significant
part of the natural gas from the Barents Sea. Ammonia has numerous industrial
applications, including in fertilizer production, and is currently the world's
second-most used industrial gas, with an established infrastructure for shipping
throughout the globe. In the future, ammonia is also expected be used as a
climate-neutral fuel, especially in the maritime industry and for
climate-neutral power production.

The construction work of the Barents Blue project is planned to take place from
2023 to 2025 and the plant is expected to be in operation in 2025.  

- I am pleased that we are maintaining the momentum in this groundbreaking
project, and are accelerating the transition we all want. This truly
demonstrates the get-it-done attitude that lives in the Horisont Energi team,
Eidesen finishes.

Further information: 

Investor relations 
Dan Jarle Flølo, CFO 
+47 901 13 159 
djf@horisontenergi.com 

Media Relations 
Marianne Stigset 
+47 41 18 84 82 
Marianne.Stigset@corpcom.no 


About Horisont Energi
Energi Horisont Energi (EURONEXT: HRGI) is a Norwegian clean energy start-up
that provides clean energy and carbon storage services at industrial scale. The
company transforms gas into cost-leading clean ammonia and hydrogen, and offers
CO2 transportation and storage solutions using proprietary technology, paving
the way for a low carbon economy. The company was founded in 2019 and is
headquartered in Sandnes, Norway. https://www.horisontenergi.no/ 

About Barents Blue 
Barents Blue will provide Europe's first large-scale clean ammonia production.
Based on natural gas from the Barents Sea, it will include a world-scale clean
ammonia plant located in Finnmark in Northern Norway. Barents Blue will have a
production capacity of 3000 tons of ammonia per day once operational. During the
production process, carbon will be captured and transported by ship to the
Polaris reservoir for storage, with an estimated capacity in excess of 100
million tons below the seabed offshore Finnmark, which is equivalent to twice
Norway's annual greenhouse gas emissions. Currently entering the concept phase,
an investment decision for Polaris and the Barents Blue project is expected
towards the end of 2022.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Financials
Sales 2021 7 414 M 8 753 M 8 753 M
Net income 2021 -296 M -350 M -350 M
Net Debt 2021 1 547 M 1 826 M 1 826 M
P/E ratio 2021 -6,72x
Yield 2021 0,09%
Capitalization 2 008 M 2 376 M 2 371 M
EV / Sales 2021 0,48x
EV / Sales 2022 0,38x
Nbr of Employees 32 000
Free-Float 54,2%
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