Baker Hughes Company, with a market capitalization of approximately $42.62 billion, announced Thursday that it has secured a significant contract to supply a modular liquefied natural gas (LNG) system and power island for Venture Global (VG) LNG projects in the United States. The agreement includes equipment to support phases 1 and 2 of the Plaquemines LNG project in Louisiana.
Additionally, the energy technology firm signed a multi-year services frame agreement, which covers maintenance, inspection, repairs, and engineering services for the Plaquemines project. Both the equipment order and services deal were finalized in the fourth quarter of 2024.
"As power demand surges, LNG has a critical role to play in providing a reliable, flexible fuel source that can be quickly scaled to meet rising demand," Baker Hughes CEO Lorenzo Simonelli said. Meanwhile, Venture Global Mike Sabel highlighted Baker Hughes as a "trusted partner" in line with the objectives of "delivering a secure, reliable energy supply to the world."
