HOUSTON - Baker Hughes (NASDAQ: BKR (NASDAQ:BKR)), a global energy technology company, has secured a contract with Brazilian state-run oil firm Petrobras to provide a suite of integrated well construction services for the Buzios field located offshore Brazil. The project is scheduled to commence in the first half of 2025 and will span multiple years, involving drilling services, drill bits, wireline, cementing, and a range of other specialized well operations across three drilling rigs.
This contract cements Baker Hughes' role as a major player in Brazil's oilfield services sector and extends its long-standing relationship with Petrobras. Executive Vice President Maria Claudia Borras emphasized the company's commitment to delivering excellence and value through its comprehensive capabilities in well construction.
Baker Hughes has been instrumental in the initial development phase of the Buzios field, supplying advanced technology and equipment. The company's contributions include WAG manifolds, over 240 kilometers of flexible pipelines for various applications, and turbomachinery for 10 out of the 11 floating production storage and offloading (FPSO) units in the field, complete with monitoring and protection systems.
The Buzios field, one of the largest oil fields in Brazil, is a strategic asset for Petrobras and a key area of growth for the country's oil production. Baker Hughes' involvement in the field highlights its role in supporting the expansion of the energy sector in Brazil, consistent with its global operations in over 120 countries.
This news is based on a press release statement from Baker Hughes.
InvestingPro Insights
Baker Hughes (NASDAQ: BKR), with its recent contract win, demonstrates its robust position in the energy technology sector. Reflecting on the company's financial health and market performance, InvestingPro data shows a market capitalization of $29.08 billion and a P/E ratio of 15.26, indicating a reasonable valuation relative to earnings. The company's revenue growth is also notable, with a 20.56% increase over the last twelve months as of Q4 2023, signaling strong business momentum.
InvestingPro Tips highlight that analysts have revised their earnings upwards for the upcoming period, suggesting optimism about the company's future performance. Furthermore, Baker Hughes is recognized for its stability, trading with low price volatility and maintaining dividend payments for 38 consecutive years, a reassuring sign for income-focused investors. With a moderate level of debt and profitability over the last twelve months, the company appears to be on solid financial ground.
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The contract with Petrobras underscores Baker Hughes' capacity to secure significant deals and maintain a competitive edge in the oilfield services sector, aligning with the positive outlook reflected in the InvestingPro Tips and data.
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