Baker Hughes wins 'major' subsea contract with Angola's Azule Energy
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Baker Hughes (NASDAQ:BKR) said Tuesday it was awarded a "major" contract to supply subsea equipment and services to Angola-based Azule Energy for work in the Agogo offshore oilfield, which it says represents the first major new greenfield project awarded in offshore Angola in more than five years.
The order includes 23 standard subsea trees, 11 Aptara manifolds, SemStar5 fiber optic controls and related system scope of supply, Baker Hughes (BKR) said, adding that a significant amount of the equipment will be manufactured, assembled and tested in Angola, leveraging the company's local facilities and workforce.
Azule Energy is Angola's largest independent equity producer of oil and gas and a 50-50 independent joint venture between BP and Eni, combining the two companies' Angolan businesses.
Citing the "underappreciated" potential of Baker Hughes' (BKR) Industrial and Energy Technology business, Piper Sandler recently upgraded shares to Overweight from Neutral.