Baker Hughes awarded contract to supply production chemicals for ExxonMobil's Uaru and Whiptail FPSOs in Guyana.
Quiver AI Summary
Baker Hughes has received a significant contract from ExxonMobil Guyana to supply specialty chemicals and related services for the Uaru and Whiptail offshore developments in Guyana's Stabroek Block. This multi-year agreement, announced during Baker Hughes’ 25th Annual Meeting in Florence, Italy, includes chemicals for the Errea Wittu and Jaguar floating production storage and offloading vessels, which are set to begin production in 2026 and 2027, respectively. Each vessel will have a production capacity of 250,000 barrels per day, contributing to a projected total capacity of approximately 1.3 million barrels for the country. Baker Hughes emphasizes its extensive experience and established local supply chains in Guyana, enhancing support for these complex operations, thereby reinforcing a long-standing partnership with ExxonMobil Guyana.
Potential Positives
- Baker Hughes received a significant multi-year contract from ExxonMobil Guyana to supply production chemicals and related services for two offshore developments, Uaru and Whiptail, enhancing its portfolio in a key market.
- The contract supports Baker Hughes' established reputation and expertise in Guyana, showcasing the company's reliability and experience in handling complex FPSO operations.
- The developments of the Uaru and Whiptail FPSOs will add substantial production capacity to the region, potentially increasing the demand for Baker Hughes' services and solutions in the future.
- Baker Hughes' commitment to localization in Guyana is highlighted by its investment in local supply chains, enhancing operational efficiency and community relations.
Potential Negatives
- The announcement of the multi-year contract comes amid an increasingly competitive energy sector, raising concerns about Baker Hughes' ability to maintain its market position against other suppliers.
- Potential delays in the execution of the contract could impact Baker Hughes' revenue forecasts, as the FPSOs are not expected to begin production until 2026 and 2027.
FAQ
What is the recent contract awarded to Baker Hughes?
Baker Hughes secured a multi-year contract from ExxonMobil Guyana for providing chemicals for offshore FPSO developments in Guyana.
What are the capacities of Errea Wittu and Jaguar FPSOs?
Each FPSO, Errea Wittu and Jaguar, will have a production capacity of 250,000 barrels per day.
When are the FPSOs expected to start production?
The Errea Wittu and Jaguar FPSOs are set to begin production in 2026 and 2027, respectively.
How does Baker Hughes support local supply chains in Guyana?
Baker Hughes has established local supply chains to efficiently provide specialty chemicals tailored to the needs of offshore developments.
What is Baker Hughes' history in Guyana's energy sector?
Baker Hughes has a strong history of localization and collaboration in Guyana's energy sector, including multiple successful projects with ExxonMobil.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$BKR Insider Trading Activity
$BKR insiders have traded $BKR stock on the open market 8 times in the past 6 months. Of those trades, 0 have been purchases and 8 have been sales.
Here’s a breakdown of recent trading of $BKR stock by insiders over the last 6 months:
- LORENZO SIMONELLI (Chairman, President and CEO) sold 114,286 shares for an estimated $4,000,010
- MARIA C BORRAS (EVP, Oilfield Services & Equip) has made 0 purchases and 2 sales selling 75,250 shares for an estimated $3,282,190.
- NANCY BUESE (EVP & Chief Financial Officer) has made 0 purchases and 5 sales selling 25,000 shares for an estimated $968,010.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$BKR Hedge Fund Activity
We have seen 402 institutional investors add shares of $BKR stock to their portfolio, and 354 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- JPMORGAN CHASE & CO added 17,407,246 shares (+31.6%) to their portfolio in Q3 2024, for an estimated $629,271,942
- PRICE T ROWE ASSOCIATES INC /MD/ removed 6,728,160 shares (-31.8%) from their portfolio in Q3 2024, for an estimated $243,222,984
- CAPITAL WORLD INVESTORS removed 5,110,117 shares (-13.6%) from their portfolio in Q3 2024, for an estimated $184,730,729
- MILLENNIUM MANAGEMENT LLC removed 2,999,169 shares (-69.3%) from their portfolio in Q3 2024, for an estimated $108,419,959
- HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC added 2,811,940 shares (+34.7%) to their portfolio in Q3 2024, for an estimated $101,651,631
- BLACKROCK, INC. removed 2,809,092 shares (-2.8%) from their portfolio in Q3 2024, for an estimated $101,548,675
- BARCLAYS PLC removed 2,778,607 shares (-43.2%) from their portfolio in Q3 2024, for an estimated $100,446,643
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
- Baker Hughes to supply production chemicals for Errea Wittu and Jaguar FPSOs
- Offshore 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’ 25 th 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 Hughes
Baker 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
+1 346-315-6663
[email protected]
Investor Relations:
Chase Mulvehill
+1-346-297-2561
[email protected]