StockNews.AI
BKR
StockNews.AI
197 days

Baker Hughes Secures Major Chemicals Award from ExxonMobil Guyana for FPSOs

1. Baker Hughes awarded multi-year contract from ExxonMobil Guyana for FPSO support. 2. Contract involves production chemicals for two upcoming FPSOs, boosting capacity to 1.3 million barrels. 3. Baker Hughes emphasizes local supply chains and expertise in Guyana's energy sector. 4. The contract reflects continued collaboration between Baker Hughes and ExxonMobil in Guyana.

4m saved
Insight
Article

FAQ

Why Bullish?

This contract signifies strong demand and potential revenue growth for BKR, similar to past contracts boosting stock.

How important is it?

Significant contracts like this can lead to substantial revenue, enhancing overall investor confidence in BKR.

Why Long Term?

The contract supports future earnings through a sustained partnership with ExxonMobil, indicating stable long-term growth.

Related Companies

XOMCVXHAL
Baker Hughes to supply production chemicals for Errea Wittu and Jaguar FPSOsOffshore developments feature combined 500,000 barrels per day capacity FLORENCE, Italy, Feb. 03, 2025 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR), an energy technology company, announced Monday a significant award from ExxonMobil Guyana to provide specialty chemicals and related services for its Uaru and Whiptail offshore greenfield developments in Guyana’s prolific Stabroek Block. The announcement was made during Baker Hughes’ 25th Annual Meeting in Florence, Italy. The multi-year contract includes all topsides, subsea, water injection and utility chemicals for the Errea Wittu and Jaguar floating production storage and offloading (FPSO) vessels, which are currently under development, and are targeted to begin production in 2026 and 2027 respectively. Baker Hughes has extensive experience in Guyana and has established local supply chains to create a reliable and efficient source of chemicals to address the unique needs of these developments. “ExxonMobil Guyana and Baker Hughes share a long history of supporting Guyana’s energy sector, and we look forward to working together to write its next chapter,” said Amerino Gatti, executive vice president, Oilfield Services & Equipment at Baker Hughes. “Our experience operating across the country’s energy supply chain and unmatched expertise in oilfield and industrial chemicals make Baker Hughes uniquely suited to support complex FPSO operations such as these.” Uaru and Whiptail mark ExxonMobil Guyana’s fifth and sixth projects in the country. The two developments will include up to 20 drill centers and 92 production and injection wells. Each FPSO will have a capacity of 250,000 barrels per day, bringing the country’s total daily production capacity to approximately 1.3 million barrels. Baker Hughes has a strong history of localization in Guyana and in 2022, celebrated the opening of a multimodal supercenter in Georgetown. The company also provides a variety of services and equipment to operators in the country, including turbomachinery for ExxonMobil Guyana’s FPSO fleet and production chemicals for the Liza Unity vessel. About Baker HughesBaker 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 Brian Reynolds+1 346-315-6663brian.reynolds@bakerhughes.com Investor Relations: Chase Mulvehill+1-346-297-2561investor.relations@bakerhughes.com

Related News