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BHGE announces 1Q19 results

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LNG Industry,

Baker Hughes, a GE company has announced its results for 1Q19.

“BHGE delivered a solid first quarter against a backdrop of stabilising global oil and gas markets. US rig count dropped slightly less than expected, and international activity remained steady. The LNG market is very active. While the speed of the recovery varies across these markets, we see our company positioned to benefit from multiple growth drivers,” said Lorenzo Simonelli, BHGE Chairman and Chief Executive Officer.

“In the first quarter, we booked US$5.7 billion in orders, driven by year-over-year growth in three of our four segments. We delivered US$5.6 billion in revenue and adjusted operating income in the quarter was US$273 million.

“In Oilfield Services (OFS), we saw typical seasonal declines in volume sequentially, and strong year-over-year growth across all product lines. In the quarter, we continued to execute in our core well construction product lines, and re-entered a number of markets globally by securing large, multi-year awards from customers. We remain focused on regaining profitable share in critical markets and improving margins.

“In Oilfield Equipment (OFE), we delivered another strong orders quarter, winning major contract awards across a number of subsea projects. Our new approach to subsea development, Subsea Connect, continues to gain traction with customers and was central in our wins with BP on their Tortue project and Beach Energy. We continue to leverage early customer engagement, modular technology and life-of-field planning to lower cost and improve cycle times.

“Our Turbomachinery & Process Solutions (TPS) segment saw continued activity in the LNG market, with further progress on several major projects. In the first quarter, we secured contract awards to provide turbomachinery equipment for the Golden Pass LNG export facility and BP’s Tortue Floating LNG project. We remain at the forefront of technology and solutions for the LNG market and are well positioned as new projects are sanctioned.

“In Digital Solutions (DS), we continue to drive growth with customers across end markets such as electronics, automotive, aviation and additive manufacturing. We are leveraging the strength of our measurement, sensing and inspection technology portfolios to launch new products for our customers.

“In summary, we have a positive outlook across a number of end markets. Strengthening international markets will have the largest positive impact on our business, while operators in North America will continually re-evaluate their spending plans. The next wave of LNG projects will be positive for us, and we continue to see encouraging signs in the offshore market,” concluded Simonelli.

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