Baker Hughes signs significant service agreement in Nigeria
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 4 days ago
0mins
Source: seekingalpha
Baker Hughes Co (BKR) has seen a decline of 4.35% as it hits a 20-day low amid broader market gains, with the Nasdaq-100 and S&P 500 both up over 0.4%.
The company has secured a significant long-term service agreement with ANOH Gas Processing Company in Nigeria, which includes maintenance and engineering support for critical turbomachinery. This agreement is expected to enhance Baker Hughes' service capabilities in the African market, despite the undisclosed financial terms. The deployment of the iCenter digital services platform will also improve operational efficiency and customer service offerings.
This agreement reinforces Baker Hughes' commitment to supporting energy infrastructure in Nigeria and highlights its strategic focus on enhancing service delivery in key markets.
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Analyst Views on BKR
Wall Street analysts forecast BKR stock price to rise
13 Analyst Rating
12 Buy
1 Hold
0 Sell
Strong Buy
Current: 56.940
Low
52.00
Averages
61.54
High
67.00
Current: 56.940
Low
52.00
Averages
61.54
High
67.00
About BKR
Baker Hughes Company is an energy technology company that provides solutions to energy and industrial customers worldwide. The Company's segments include Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET). OFSE segment provides products and services for onshore and offshore oilfield operations across the lifecycle of a well, ranging from exploration, appraisal, and development, to production, rejuvenation, and decommissioning. OFSE segment is organized into four product lines: Well Construction; Completions, Intervention, and Measurements; Production Solutions, and Subsea. IET segment provides technology solutions and services for mechanical-drive, compression and power-generation applications across the energy industry including oil and gas, liquefied natural gas operations, downstream refining, and petrochemical markets, as well as lower carbon solutions to broader energy and industrial sectors. IET segment also provides equipment, software, and services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Scope of Equipment Supply: The contract encompasses the supply of deepwater horizontal subsea tree systems, subsea control modules, intervention workover control systems, and associated connection, distribution, and topside equipment, along with installation, commissioning, and production support services, showcasing Baker Hughes' comprehensive service capabilities in Angola.
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- Technical Specifications: The deep water horizontal tree systems from Baker Hughes are engineered for ultra-deepwater environments with an operating threshold of up to 10,000 psi and depths of 10,000 feet, enhancing its competitive edge in high-demand markets with stringent operational requirements.
- Delivery Timeline: The delivery of subsea trees is expected to commence in 2027, providing Baker Hughes ample time to optimize production processes and ensure the successful implementation of the project.
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- Technical Superiority: The system is engineered for operational thresholds of up to 10,000 psi and depths of 10,000 feet, with a modular design that allows for rapid adaptation to various needs, thus accelerating first production and supporting long-term field performance, enhancing safety and efficiency in Angola's energy development.
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See More
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- Oil Price Impact: WTI crude oil prices sank to a 3.5-month low, leading to a drop in bond yields, with the 10-year Treasury yield falling to 4.40%, benefiting sectors like homebuilders and airlines by enhancing profit outlooks amid lower fuel costs.
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