Shares of Venture Global (VG) surged 5.21% in intraday trading on Thursday, following the announcement of a major supply agreement with Baker Hughes (BKR). The deal will see Baker Hughes providing power island and liquefaction train systems to support Venture Global's LNG projects in the United States.
As part of the agreement, Baker Hughes has also signed a multi-year services frame agreement, including maintenance, inspection, repairs, and engineering services, to support phases 1 and 2 of Venture Global's Plaquemines LNG project in Louisiana. The orders were secured in the fourth quarter of 2024.
Lorenzo Simonelli, Chairman and CEO of Baker Hughes, stated, "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. We have been a trusted partner in natural gas operations for more than 30 years, and our collaboration with Venture Global is a key example of what our industry needs more of today: businesses coming together to leverage best-in-class technologies and services that can deliver reliable and efficient natural gas operations to support sustainable energy development."
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