LNG Producer Venture Global Expands Supply Agreement With Baker Hughes

Low-cost LNG provider Venture Global LNG  and Baker Hughes Company BKR have executed an expanded master equipment supply agreement for the delivery of additional liquefaction train systems and power island systems for Venture Global's future LNG export projects.

The move is in line with Venture Global's expansion plan to increase production from 70 million tonnes per annum (MTPA) to more than 100MTPA of nameplate LNG export capacity.

Baker Hughes, as a strategic LNG-equipment supplier to Venture Global, supplied LNG technology solutions to the Calcasieu Pass LNG facilities, and will provide the same to the currently under-construction Plaquemines LNG facility.

"Building on our positive track record for the Calcasieu Pass and Plaquemines LNG projects, we look forward providing VG with our proven technology solutions to enable faster time to LNG, a key advantage to our modular LNG design," said Lorenzo Simonelli, chairman and CEO of Baker Hughes.

Baker Hughes, the energy solutions provider, reported a 2Q FY23 revenue increase of 25.1% year-over-year to $6.32 billion, beating the consensus of $6.26 billion. Adjusted EPS was $0.39, beating the consensus of $0.33.

Price Action: BKR shares closed higher by 1.71% at $36.81 on Friday.