Technip Energies and Samsung Engineering Awarded Pre-FID Contract, Form Joint Venture for Project Design and Delivery for Texas LNG in the USA

Rhea-AI Summary

Technip Energies and Samsung Engineering have secured a Pre-FID Engineering contract for the Texas LNG project in Brownsville, Texas. This joint venture aims to deliver a 4.0 Mtpa LNG export facility at the Port of Brownsville, utilizing Technip’s innovative SnapLNG™ solution. This modular design offers enhanced cost efficiency, reduced emissions, and accelerated project timelines, aligning with current energy market demands. The project is fully authorized for export to global markets and signifies Technip's commitment to low-carbon technologies.

Positive

• Awarded a Pre-FID Engineering contract for the Texas LNG project, indicating strong business growth.
• Utilizing SnapLNG™ technology, which enhances speed to market, reduces emissions, and ensures cost efficiency.
• The project is fully authorized by FERC and the Department of Energy, ensuring compliance and potential market access.

Negative

• None.

PARIS--(BUSINESS WIRE)-- Technip Energies (PARIS:TE) and Samsung Engineering have been awarded a Pre-FID (Final Investment Decision) Engineering contract for the Texas LNG project in Brownsville, Texas, USA. Through a joint venture with Samsung Engineering, Technip Energies has been appointed lead project contractor charged with project design and delivery. The proposed 4.0 Mtpa⁽¹⁾ LNG export facility site is strategically located on the Port of Brownsville's deep-water ship channel in close proximity to the Gulf of Mexico.

The Texas LNG project will utilize Technip Energies’ SnapLNG™ solution, which combines a compact modular design concept for mid-scale trains with standardized components and technology. Developed in collaboration with Air Products, the system benefits from speed to market, with greater certainty around both costs and schedule, and best available process technology, refrigerant compression and digitalization. As a result, this solution offers lower emissions and is particularly suited for low-to-zero carbon footprint LNG and phased developments.

Loic Chapuis, SVP Gas and Low-Carbon Energies, Technip Energies, stated, “We are pleased to have been selected by Texas LNG to lead the FEED (front-end engineering design) and project delivery and to integrate our modular SnapLNG™ solution, which is well-suited for the North America market. LNG is more critical than ever in the current global energy context and we are committed to bring our long-standing leadership in LNG to address today’s and tomorrow’s challenges. Our SnapLNG™ solution illustrates how Technip Energies can address these challenges by bringing to market a low-carbon, modularized and methane-free solution with a compressed time.”

Texas LNG, a Glenfarne Group Company, has full authorization from FERC and the Department of Energy and will export to global LNG markets.

(1) Million tons per annum

To know more about LNG: Technip Energies is a global leader in LNG plant design and construction. To learn more about our LNG capabilities, please go to https://www.technipenergies.com/markets/liquefied-natural-gas.

About Technip Energies

Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO₂ management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.

Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.

Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) traded over-the-counter in the United States. For further information: www.technipenergies.com.

About Samsung Engineering

At Samsung Engineering, we aim to create value based on the world’s best technological competence and contribute to our clients, society and people. Samsung Engineering as one of the world’s leading EPC&PM companies, has served clients in a variety of industries such as oil-refining, gas-processing, petrochemicals, infra-structure & environmental sector and bio-industry. Providing professional services across the whole project cycle ranging from professional feasibility-studies to design, procurement, construction, commissioning, maintenance & operation. Samsung Engineering has completed more than 1,000 projects worldwide.

To prepare for ESG-based eco-friendly businesses for the future, we expanded our value chain to the business of operating green infrastructure, such as water treatment facilities and incinerators, and green solution business for energy optimization and carbon neutrality. To preemptively respond to changes in the global energy industry and take the lead in resolving global warming, we will provide optimal solutions based on our technologies and expertise. For more information, please visit: www.samsungengineering.com.

Important Information for Investors and Securityholders

Forward-Looking Statement

This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.

All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.

Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.

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Source: Technip Energies

FAQ

What is the Texas LNG project awarded to THNPY?

The Texas LNG project is a Pre-FID Engineering contract awarded to Technip Energies (THNPY) in collaboration with Samsung Engineering to design and deliver a 4.0 Mtpa LNG export facility in Brownsville, Texas.

What technology is THNPY using for the Texas LNG project?

Technip Energies is utilizing its SnapLNG™ solution for the Texas LNG project, which incorporates a compact modular design aimed at enhancing project efficiency and reducing emissions.

When was the Texas LNG project contract awarded to THNPY?

The contract for the Texas LNG project was awarded recently, as per the latest press release from Technip Energies.

How does the SnapLNG™ solution benefit the Texas LNG project?

The SnapLNG™ solution provides faster project timelines, lower costs, and reduced emissions, making it suitable for low-to-zero carbon footprint developments.

Is the Texas LNG project authorized for export?

Yes, the Texas LNG project has full authorization from FERC and the Department of Energy to export LNG to global markets.