Baker Hughes (NASDAQ: BKR) shares were on the plus side Monday, as the Houston-based an energy technology company announced a significant order from Petrobras for workover and plug and abandonment (P&A) services in pre-salt and post-salt fields offshore Brazil.
The multi-year project, set to start in the first half of 2025, will be managed with Baker Hughes’ integrated solutions portfolio to optimize performance for Petrobras. Baker Hughes’ integrated approach will deploy wireline, coiled tubing, cementing, tubular running, wellbore intervention, fishing, and geosciences services in all of Petrobras’ offshore fields. The agreement also includes Baker Hughes remedial tools, completion fluids and production chemicals.
“Baker Hughes brings to this important project a comprehensive technology portfolio, a deep understanding of localization, and a rich history of working in Brazil,” said Maria Claudia Borras, executive vice president, Oilfield Services & Equipment at Baker Hughes. “Flawlessly integrating these capabilities will be essential to the success of the project. Our expertise in integrated solutions is the foundation for efficiently taking energy forward in Brazil.”
To support the project and help advance Latin America’s energy landscape, Baker Hughes will expand its Macaé (Rio de Janeiro) facilities to include coiled tubing and tubular running services, contributing to the further growth of Brazilian industry and its workforce.
BKR shares gathered 60 cents, or 1.9%, to $32.24.
