Technip Energies Reports Q2 2022 Results With Increased Focus On Carbon Capture

Technip Energies Reports Q2 2022 Results With Increased Focus On Carbon Capture - Carbon Herald
Image: ranjith ravindran | Shutterstock

Technip Energies N.V. (OTC: THNPF) (EPA: TE) – a leading tech company for the energy industry and a participant in the energy transition, has announced its Q2 2022 earnings results along with the first half of 2022 results. Technip Energies stock rose 7.18% to $11.68 since Friday after the earnings announcements.

It reported strong EBIT margins at 7.3% with an increased full-year margin outlook to at least 6.8% from 6.5% previously. The energy transition portfolio of Technip Energies, in particular, impresses with more than $512 million (€500 million) in energy transition awards, excluding LNG, with momentum particularly strong in the carbon capture market.

Relevant: Shell To Supply Humber Zero Hub With Carbon Capture Technology

The post-combustion market is approximately half of the total carbon capture market, with the majority of activities centered on the power generation market or within carbon capture and storage hubs and clusters.

Image: metamorworks | Shutterstock

The company sees signals of increasing activity of carbon capture and storage as it is globalizing. Technip’s market so far is concentrated in the UK and Norway, Northwest Europe and North America.

According to its CEO Arnaud Pieton, the energy transition agenda is creating an incentive for the company’s customers to invest, so he projects its energy transition orders to increase to around $1.03 billion (€1 billion) for 2022, populated with work in the areas of carbon capture, renewable fuels, clean hydrogen and other new energy markets. 

The company also announced its forecasts for the CO2 management market, where Technip Energies is developing leading capabilities. It sees a total installed capacity of 550 million tonnes per annum by 2030 which is equivalent to around $82 billion (€80 billion) of capital investment.

Relevant: Oslo Invests Record $1.1 Billion For Carbon Capture In Waste To Energy Plant

Technip Energies reported new awards for carbon capture and storage projects in Q2 2022. It booked a large engineering, procurement, and construction (EPC) contract by Hafslund Oslo Celsio for the world’s first full-scale waste-to-energy plant with CO2 capture and storage (CCS), located in Oslo, Norway. 

It will capture 400,000 tons per year of CO2. The contract is expected to represent between $256 million and $512 million of revenue for Technip. It also booked a services award for an extension project for ExxonMobil’s LaBarge facility in the US to capture 1 million metric tonnes of CO2 per annum.

Total
35
Shares
Leave a Reply

Your email address will not be published.

Related Posts