Chart Industries, Inc. Receives Full Notice to Proceed for Cheniere’s Corpus Christi Stage Three LNG Export Terminal Project

Rhea-AI Summary

Chart Industries has received full notice to proceed for its IPMSR® process and equipment for Cheniere’s Corpus Christi LNG export terminal project. The company booked an order exceeding $260 million, adding to a $50 million backlog reported as of March 31, 2022. Revenue recognition for this project will commence in 2022, featuring a staggered delivery schedule over multiple years, signaling a significant business development for Chart amidst ongoing clean energy initiatives.

Positive

• Secured a $260 million order for the Corpus Christi LNG project.
• Additional $50 million backlog from the project as of March 31, 2022.
• Revenue recognition to begin in 2022, with a staggered delivery schedule.

Negative

• None.

ATLANTA, June 23, 2022 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (NYSE: GTLS) has received full notice to proceed (“FNTP”) for our IPMSR® process and equipment activities to be used in Cheniere’s Corpus Christi Stage Three liquefied natural gas (LNG) export terminal project.

In conjunction with the FNTP, Chart booked an order valued at over $260 million, which is in addition to the approximately $50 million already in backlog as of March 31, 2022 for this project. The orders were received from Bechtel. Chart will begin recognizing revenue on this project in 2022 with a multi-year staggered delivery schedule.

FORWARD-LOOKING STATEMENTS

Certain statements made in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning Chart’s business plans, including statements regarding objectives, future orders, revenues, margins, earnings, performance or outlook, business or industry trends and other information that is not historical in nature. Forward-looking statements may be identified by terminology such as "may," "will," "should," "could," "expects," "anticipates," "believes," "projects," "forecasts," “indicators”, “outlook,” “guidance,” "continue," “target,” or the negative of such terms or comparable terminology.

Forward-looking statements contained in this press release or in other statements made by Chart are made based on management's expectations and beliefs concerning future events impacting Chart and are subject to uncertainties and factors relating to Chart’s operations and business environment, all of which are difficult to predict and many of which are beyond Chart’s control, that could cause Chart’s actual results to differ materially from those matters expressed or implied by forward-looking statements. Factors that could cause Chart’s actual results to differ materially from those described in the forward-looking statements include: Chart’s ability to successfully integrate recent acquisitions and achieve the anticipated revenue, earnings, accretion and other benefits from these acquisitions; slower than anticipated growth and market acceptance of new clean energy product offerings; inability to achieve expected pricing increases or continued supply chain challenges including volatility in raw materials and supply; risks relating to the outbreak and continued uncertainty associated with the coronavirus (COVID-19 and its variant(s)) and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recent Annual Report on Form 10-K filed with the SEC, which should be reviewed carefully.  The Company undertakes no obligation to update or revise any forward-looking statement.

About Chart Industries, Inc.

Chart Industries, Inc. is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the Energy and Industrial Gas markets.  Our unique product portfolio is used in every phase of the liquid gas supply chain, including upfront engineering, service and repair.  Being at the forefront of the clean energy transition, Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO2 Capture amongst other applications. We are committed to excellence in environmental, social and corporate governance (ESG) issues both for our company as well as our customers.  With over 25 global manufacturing locations from the United States to China, Australia, India, Europe and South America, we maintain accountability and transparency to our team members, suppliers, customers and communities.  To learn more, visit www.Chartindustries.com.

For more information, click here:

http://ir.chartindustries.com/ 

Investor Relations Contact:

Wade Suki, CFA
Director of Investor Relations
832-524-7489
wade.suki@chartindustries.com

FAQ

What is the recent order value for Chart Industries related to Cheniere's LNG project?

Chart Industries received an order valued at over $260 million for the Corpus Christi LNG export terminal project.

When will Chart Industries start recognizing revenue from the LNG project?

Chart Industries will begin recognizing revenue from the LNG project in 2022.

What was the backlog amount for Chart Industries as of March 31, 2022?

As of March 31, 2022, Chart Industries had a backlog of approximately $50 million for this project.

What is the significance of the full notice to proceed for Chart Industries?

The full notice to proceed allows Chart Industries to commence its IPMSR® process and equipment activities for the LNG project, enhancing its business outlook.