Baker Hughes Wins Cheniere's Corpus Christi Expansion Deal
Zacks Investment Research | Jun 14, 2018 11:12PM ET
Baker Hughes, a GE company (NYSE:BHGE) recently received a contract from Cheniere Energy, Inc. (NYSE:LNG) to provide turbomachinery equipment for the latter’s Corpus Christi LNG facility expansion. Notably, last month Cheniere announced its intention of moving forward with its South Texas gas terminal’s expansion plans.
Baker Hughes has been awarded the contract through Cheniere’s Engineering, Procurement and Construction (EPC) partner for the project, Bechtel Oil, Gas & Chemicals, Inc. The final investment decision from Cheniere for the expansion project is the first in the United States since 2015.
The project includes an addition of a third liquefied natural gas processing train to its existing facility. Baker Hughes will provide six gas turbines and several compressors for the third train. The products and services that the company will provide are similar to what it had supplied for the first two trains at Corpus Christi, which are expected to come online in 2019.
Following the completion of the three trains, the facility will have a total production capacity of around 13.5 metric tons per annum of liquefied natural gas.
For the expansion project, the field service provider is planning to combine its engineering, manufacturing and project management from its offices in Evendale, OH; Houston, TX and Florence, Italy.
Price Performance
Houston, TX-based Baker Hughes has lost 40.2% in the past year compared with 6.5% fall of its Zacks Investment Research
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