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Baker Hughes Company (NASDAQ:BKR) shares are trading lower on Wednesday after it secured a multi-year contract with Dubai Petroleum Establishment (DPE) on behalf of Dubai Supply Authority.
As per the deal, it will deliver integrated coiled-tubing drilling services for the Margham Gas storage project.
By delivering coiled-tubing drilling services, Baker Hughes expands its role in the Margham Gas project, which leverages the mature Margham field.
In addition to supplying Integrated Compressor Line (ICL) units for gas storage, injection, and export, Baker Hughes’ comprehensive solutions contribute to building a more reliable and lower-emission power system.
This initiative aims to enhance Dubai's energy stability by improving the system's flexibility to switch between natural gas and solar power.
The project leverages Baker Hughes’ proficiency in integrating coiled-tubing drilling, under-balanced drilling, and its advanced CoilTrak bottomhole assembly (BHA) system.
CoilTrak enhances horizontal drilling by improving navigation through subsurface formations, optimizing reservoir contact, an essential factor for efficient underground gas storage.
Amerino Gatti, executive vice president of Oilfield Services & Equipment at Baker Hughes said, “Our integrated solutions approach combines industry-leading technology and expertise across the energy value chain to help DPE scale-up and develop reliable, secure and lower-carbon power solutions for their country.”
Investors can gain exposure to the stock via iShares U.S. Oil Equipment & Services ETF (NYSE:IEZ) and VanEck Oil Services ETF (NYSE:OIH).
Price Action: BKR shares are down 1.15% at 444.66 at the last check Wednesday.
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