American company Baker Hughes, specializing in energy technologies and services, has raised its order forecast for the Industrial & Energy Technology (IET) segment for the period from 2026 to 2028 to over $45 billion. This decision comes amid strong results in the second quarter.

Main Business Areas

The IET segment is one of the company’s two core business divisions. It supplies equipment, software, and services for industries related to liquefied natural gas (LNG), emissions management, and hydrogen.

Financial Results

In the second quarter, Baker Hughes reported a net profit of $681 million on revenues of $6.7 billion. The company notes that these figures reflect a broad order portfolio and continued growth in data centers, gas infrastructure, and production sectors.

Total orders for the quarter reached $10.5 billion, surpassing the previous three months’ figure of $8.16 billion. Adjusted net profit amounted to $640 million, compared to $573 million in the first quarter.

Segment Performance

The second key business segment, Oilfield Services & Equipment (OFSE), also demonstrated significant growth. EBITDA exceeded the upper end of the forecast despite challenging market conditions. Increased activity and higher production deliveries in the Middle East, along with stable results onshore in North and Latin America, contributed to a positive quarterly outcome.

Key Contracts

During the second quarter, the company secured several major contracts, including:

• An agreement to supply six LNG blocks (12 liquefaction modules) for Venture Global.
• A contract for liquefaction equipment for the seventh train at Cheniere’s Sabine Pass facility.
• Delivery of four compressor units for a floating LNG plant with a capacity of 3.5 million tons per year for Golar.
• A significant contract from Saipem Nasser Saeed Al-Hajri Contracting Company (a joint venture between Saipem and NSH in Saudi Arabia) following the transfer of rights from state-owned Saudi Aramco. The contract involves providing gas compression solutions at the Uthmaniyah field, aimed at optimizing production and increasing recovery rates.

Other achievements include a contract with India’s Oil and Natural Gas Corporation for the supply of up to 46 modern cable installations and integrated testing packages for drill strings, as well as the extension and expansion of a contract with Petrobras for integrated well solutions in Brazil’s Santos Basin.

To be continued...