Technip Energies Awarded an Early Work Contract by ADNOC for Onshore Facilities for the Hail & Ghasha Gas Project in the UAE

Rhea-AI Summary

Technip Energies, leading a joint venture with Samsung Engineering and Tecnimont, has secured a Pre-Construction Services Agreement (PCSA) for the Onshore facilities of the Hail & Ghasha Gas Development Project in Abu Dhabi, UAE. Following the successful completion of the Front-End Engineering and Design (FEED), the PCSA includes early project activities such as Initial Detailed Engineering and procurement of critical Long Lead items. The project aims to optimize costs in alignment with ADNOC’s investment strategy. Technip Energies highlights its commitment to sustainability and its longstanding relationship with ADNOC.

Positive

• Awarded PCSA for Hail & Ghasha Gas Development Project, indicating ongoing project activity.
• Successful completion of FEED phase establishes credibility and capability.
• Focus on sustainability aligns with industry trends and ADNOC's decarbonization strategy.

Negative

• None.

PARIS--(BUSINESS WIRE)-- Technip Energies (PARIS: TE) – as leader of a joint venture composed of Samsung Engineering and Tecnimont S.p.A. (TST JV) – has been awarded a Pre-Construction Services Agreement (PCSA) related to the Onshore facilities for the Hail & Ghasha Gas Development Project in Abu Dhabi, UAE.

The PCSA phase follows the successful completion of an updated Front-End Engineering and Design (FEED) for the entire development, executed by Technip Energies. This next phase covers early Project activities for onshore facilities, such as Initial Detailed Engineering and Procurement services of critical Long Lead items. The PCSA scope of work also includes the preparation of an Open Book Cost Estimate for the project delivery of the onshore scope, which will be considered as part of the Client’s Final Investment Decision making process.

Arnaud Pieton, CEO of Technip Energies, stated: “We are honored to be trusted by ADNOC to continue from the successful FEED execution to the initial activities for the onshore facilities for this important gas growth project, and to prepare an open-book cost estimate for project delivery. This reinforces Technip Energies long-standing relationship and trust developed over the last four decades with ADNOC, supported by our long-term presence in Abu Dhabi. Together with our joint venture partners, Samsung Engineering and Tecnimont, we will utilize our global experience on mega project execution and open book estimate conversions to transparently and diligently work with ADNOC and their international concession partners to continually optimize the project and successfully meet their requirements. Furthermore, Technip Energies ambition to engineer a sustainable future is fully aligned with ADNOC’s strategy of decarbonizing their operations while growing their lower carbon energy portfolio as they continue to help meet the world’s energy needs.”

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”) trading 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230116005564/en/

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Source: Technip Energies

FAQ

What is the significance of the PCSA awarded to Technip Energies for the Hail & Ghasha project?

The PCSA signifies key advancements in the Hail & Ghasha Gas Development Project, ensuring early project activities and cost optimization.

What previous work did Technip Energies complete before the PCSA?

Technip Energies successfully completed the Front-End Engineering and Design (FEED) for the Hail & Ghasha project.

How does the contract impact Technip Energies' stock symbol THNPY?

The awarded contract may positively influence investor sentiment and stock performance for THNPY as it demonstrates ongoing engagement in significant projects.

What are the future implications of the agreement for Technip Energies in the UAE?

The agreement reinforces Technip Energies’ established relationship with ADNOC and could lead to further collaborations in the region.