Technip Energies Awarded Contract to Upgrade Aramco’s Sulfur Recovery Facilities at Riyadh Refinery

Rhea-AI Summary

Technip Energies has been awarded a contract by Aramco to upgrade sulfur recovery facilities at the Riyadh Refinery. This project includes implementing three new tail gas treatment units and enhancing the performance of existing sulfur recovery units to achieve over 99.9% recovery efficiency and comply with stricter sulfur dioxide emissions regulations. The project will utilize local resources, reinforcing Technip Energies' long-standing partnership with Aramco since the mid-1990s. This award will be reflected in the fourth quarter 2022 financial results.

Positive

• Awarded a contract to enhance sulfur recovery facilities, indicating strong client relationships.
• Project involves local resource utilization, supporting regional economic development.
• New cap on recovery efficiency exceeds 99.9%, aligning with stricter environmental regulations.

Negative

• None.

PARIS--(BUSINESS WIRE)-- Technip Energies (PARIS:TE) (ISIN:NL0014559478) – as part of its long-term agreement with Aramco – has been awarded a contract to upgrade sulfur recovery facilities at Aramco’s Riyadh Refinery.

This contract covers the implementation of three new tail gas treatment (TGT) units, improving the performance of the existing three sulfur recovery units (SRU) to comply with more stringent regulations for sulfur dioxide emissions, with recovery efficiency at more than 99.9%.

The project will be executed locally, leveraging Saudi economic resources and infrastructure.

The existing sulfur recovery units in the Riyadh refinery were designed and built by Technip Energies in the early 2000s.

Bhaskar Patel, SVP Sustainable Fuels, Chemicals & Circularity of Technip Energies, commented: “We are pleased to be entrusted by Aramco to work on the upgrading program of their refinery in Riyadh. By leveraging our long-standing relationship, which has been in place since the mid-1990s, we are committed to make this project another success, while utilizing local resources and supply chain.”

Note: this award is included in the Company’s fourth quarter 2022 financial results.

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 clients’ 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”). 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 contract did Technip Energies win from Aramco?

Technip Energies won a contract to upgrade sulfur recovery facilities at the Riyadh Refinery.

What improvements will be made at the Riyadh Refinery?

Three new tail gas treatment units will be implemented, enhancing sulfur recovery efficiency to over 99.9%.

When will the award be reflected in Technip Energies' financial results?

The award will be included in the fourth quarter 2022 financial results.

How long has Technip Energies been working with Aramco?

Technip Energies has maintained a partnership with Aramco since the mid-1990s.

Why is the sulfur recovery project significant?

It helps comply with stricter regulations for sulfur dioxide emissions and supports local economic resources.