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HOUSTON - Baker Hughes (NASDAQ:BKR) announced Thursday it has received an order from Bechtel Energy Inc. to supply primary liquefaction equipment for Train 5 of NextDecade's Rio Grande LNG facility in Brownsville, Texas. The energy technology company, currently valued at $46.42 billion, has seen its stock gain over 30% in the past six months as it continues to secure major contracts.
The equipment package includes two Frame 7 gas turbines and six centrifugal compressors, replicating the technology solution used in previous trains at the facility. The equipment will support an additional liquefied natural gas (LNG) production capacity of approximately 6 million tonnes per annum (MTPA).
This award follows a recent order for Train 4 and is part of a previously established framework agreement covering Baker Hughes equipment and services for Trains 4 through 8 of the project.
"Securing this order for the fifth train of the Rio Grande LNG project underscores the confidence in our proven technology and the dedication of our teams," said Baker Hughes Chairman and CEO Lorenzo Simonelli in the press release.
Bhupesh Thakkar, Bechtel's general manager for its LNG business, noted that Baker Hughes has consistently delivered "industry-leading technology and expertise" for the project.
In addition to the liquefaction equipment, Baker Hughes will provide its Cordant Asset Health digital solution for Rio Grande's Trains 1 to 3. NextDecade will use this technology to support equipment monitoring and failure diagnostics for critical rotating equipment, as well as cloud-based visualization for offline vibration data.
The Rio Grande LNG facility is being developed in the Port of Brownsville, Texas. The announcement did not include financial details of the order or expected completion dates for Train 5.Baker Hughes continues to demonstrate financial strength with a PEG ratio of 0.53, indicating it's trading at a low P/E ratio relative to earnings growth. The company has raised its dividend for 4 consecutive years, currently offering a yield of nearly 2%. InvestingPro analysis suggests Baker Hughes is slightly undervalued at current prices, with 12 analysts recently revising earnings expectations upward. For comprehensive insights on Baker Hughes and 1,400+ other top stocks, investors can access the detailed Pro Research Report available on InvestingPro.
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