Baker Hughes Wins Subsea Production Systems Contract for Angola's Greater PAJ Development
BKR sits 50% above its 52-week low of $37.38.
Summary
Baker Hughes secured a contract from Azule Energy to supply deep water horizontal tree subsea production systems for the Greater PAJ development in Angola. This builds on their existing involvement in the $5.1 billion Greater PAJ offshore project, for which they secured an engineering and technology contract on June 23rd. While financial terms were not disclosed, this win adds to the company's backlog and future revenue visibility, leveraging their specialized technology for ultra-deepwater environments. Deliveries are slated to begin in 2027.
At the time of this announcement, BKR was trading at $56.20 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $55.9B. The 52-week trading range was $37.38 to $70.41. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: dpa-AFX.