Baker Hughes Fades Despite Bechtel Order

(MENAFN- Baystreet) Baker Hughes (NASDAQ: BKR) shares declined first thing Monday. The Houston-based energy technology company announced an order from Bechtel Energy Inc. (Bechtel) to supply gas Technology equipment for two liquefaction plants with a total capacity of approximately 11 MTPA for Phase 1 of Woodside Energy Group Ltd's (NYSE: WDS) (Woodside) Louisiana LNG development opportunity. The order marks a significant milestone as Woodside targets final investment decision (FID) readiness from the first quarter of 2025.

The award, which includes eight main refrigeration compressors driven by LM6000PF+ gas turbines and eight expander-compressors, leverages Baker Hughes' proven, best-in-class LNG technologies to support Bechtel and Woodside. Baker Hughes' history of working with Bechtel and Woodside will support the delivery of Phase 1 of the project.

“Louisiana LNG will play a vital role in meeting the world's increasing LNG demand,” said Paul Marsden, president of Bechtel Energy.“Bechtel is proud to collaborate with Baker Hughes to help deliver this critical project.”

“We are committed to providing our proven technology to ensure the LNG industry stands ready to meet rapidly growing energy demand,” said Ganesh Ramaswamy, executive vice president of Industrial & Energy Technology at Baker Hughes.“Building on our 40-year track record in LNG and established collaboration with both Bechtel and Woodside, we look forward to supporting this important project and contributing to sustainable energy development.”

BKR dropped 40 cents, or 1%, to $40.40.

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