Technip Energies Announces Award of a Large Contract for FEED, License and Proprietary Equipment Supply for INEOS’ Project One Ethane Cracker

Rhea-AI Summary

Technip Energies has secured a substantial contract for the supply of proprietary equipment for INEOS Olefins' ethane cracker in Antwerp, Belgium, with a projected revenue between €250 million and €500 million. This project aligns with Technip's sustainable strategy, as the cracker is designed to have a CO₂ footprint 50% lower than the top 10% of European crackers. The facility will also be capable of transitioning to 100% hydrogen fuel in the future, showcasing Technip Energies' commitment to low-carbon technology.

Positive

• Secured a contract worth between €250 million and €500 million for equipment supply.
• The ethane cracker is designed for a CO₂ footprint 50% lower than the best European competitors.
• The design allows for future transition to 100% hydrogen fuel, enhancing long-term sustainability.

Negative

• None.

PARIS--(BUSINESS WIRE)-- Technip Energies (Paris:TE) (ISIN:NL0014559478) has been awarded a large⁽¹⁾ contract for the proprietary equipment supply for INEOS Olefins Belgium NV’s 1,450 kta⁽²⁾ ethane cracker in Antwerp, Belgium. This latest award is in line with our early engagement strategy and consolidates the successful completion of the Ethylene License and Extended Front End Engineering and Design (FEED) previously awarded to Technip Energies by INEOS.

(Graphic: Business Wire)

The cracker is designed using Technip Energies’ latest enhancement on technologies to achieve a CO₂ footprint less than 50% of the best 10% of European crackers. The furnaces are modularized and designed to fire high hydrogen fuel, and to transition to 100% hydrogen firing in the future, in addition to the plant being carbon capture ready. The plant design maximizes the use of modularization, using Technip Energies’ extensive experience in modularized LNG projects.

Bhaskar Patel, SVP Sustainable Fuels, Chemicals and Circularity, Technip Energies, stated “We are very pleased that INEOS selected our low carbon ethane cracker technology and equipment for this sizeable project. Utilizing our extensive experience with modular design will result in a reduced site assembly footprint with sustainable features to reduce emissions.”

(1) A “large” award for Technip Energies is a contract award representing between €250 million and €500 million of revenue.

(2) kta: kilotons per annum

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.

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 value of the contract awarded to Technip Energies for the INEOS ethane cracker?

The contract is valued between €250 million and €500 million.

Where is the ethane cracker project located?

The ethane cracker project is located in Antwerp, Belgium.

What technological advancements does the INEOS ethane cracker feature?

The cracker is designed for a CO₂ footprint 50% lower than top European crackers and is capable of transitioning to 100% hydrogen fuel.

When was the contract awarded to Technip Energies?

The contract was awarded in the press release published on October 2, 2022.

What company is the contract awarded for?

The contract was awarded for INEOS Olefins Belgium NV.