Baker Hughes Company (NASDAQ:BKR) has secured a contract to provide state-of-the-art liquefaction technologies to Cedar LNG in Canada.
The contract, finalized in the first quarter of 2024, was awarded by Black & Veatch, a global entity in engineering, construction, and consulting. This collaboration underscores a shared commitment to advancing the energy sector towards a more sustainable future.
Under this contract, Baker Hughes will deliver various turbomachinery equipment essential for the project's operations. This includes four main refrigeration compressors and two boil-off gas compressors, all powered electrically, along with six centrifugal pumps.
Emphasizing sustainability, Cedar LNG will harness renewable electricity, positioning it among the global frontrunners in terms of low carbon intensity within the LNG industry.
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The Cedar LNG project brings together the Haisla Nation and Pembina Pipeline Corporation (NYSE:PBA) to develop the Haisla Nation-led project.
"This award is the latest important milestone for Baker Hughes in the LNG market, demonstrating the strength of our portfolio and our commitment to collaborating with industry partners while providing efficient and lower carbon solutions for the natural gas market," commented Ganesh Ramaswamy, executive vice president of Industrial & Energy Technology at Baker Hughes.
The award continues the positive demand momentum for Baker Hughes' gas technology equipment portfolio following several LNG orders throughout the past year, per the company's statement.
Price Action: BKR shares are trading higher by 1.59% at $34.46 on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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