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Technip Energies

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Technip Energies NV
Company typePublic (NV)
Euronext Paris: TE
CAC Mid 60 component
IndustryEnergy services
Founded12 February 2021; 3 years ago (2021-02-12)
HeadquartersLa Défense, Nanterre, France
Key people
  • Joseph Rinaldi (Chairman)
  • Arnaud Pieton (CEO)
ProductsProject, technology, engineering and construction management for the energy industry
Revenue€6.7 billion (2021)
€431 million (2021)
Number of employees
15,000 (December 2021)
Websitewww.technipenergies.com

Technip Energies NV is a French engineering and technology company for the energy industry and chemicals sector. It is a spin-off of TechnipFMC.

History

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Technip Energies was established in 2021 as a spinoff of multinational energy company TechnipFMC, itself the result of a merger between French group Technip and American company FMC Technologies.[1][2][3][4] In August 2019, TechnipFMC CEO Doug Pferdehirt announced that TechnipFMC would be split into two independent engineering companies: a dedicated technology and services company, to retain the TechnipFMC name, and an engineering and construction business renamed Technip Energies.[5] In January 2021, Technip Energies CEO Arnaud Piéton announced plans for an initial public offering and committed to demonstrate to shareholders that the organization could operate independently of TechnipFMC. The TechnipFMC split became effective the following month. The spinoff was completed on 12 February 2021.[6]

Activities

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Technip Energies, unlike TechnipFMC, will not focus on upstream—oil exploration and production—development projects, but instead largely on design and construction of large-scale projects to liquify and ship natural gas, as well as refinery bio-conversion projects, carbon capture, and hydrogen.[7]

Gas, especially liquefied natural gas (LNG), provides over 60% of Technip Energies’ turnover, while refining and petrochemicals together provide 25-30%.[7] Technip Energies is the world leader in the construction of LNG factories.[7] Technip Energies is also a world leader in hydrogen, having participated in the construction of 30% of the currently installed production capacities.[7]

As at December 2021, the company operated in 34 countries with 15,000 employees.[8]

Technip Energies has been the main contractor on the Yamal LNG development,[9] a US$27 billion project[10] designed to ship LNG to Asian markets through the Northeast Passage.[11] In March 2022, Technip Energies renounced new business opportunities in Russia following its invasion of Ukraine.[12][13] In April 2022, the European Union's fifth package of sanctions against Russia barred the delivery of goods and technologies required for gas liquefaction, putting a pause on Technip Energies' Arctic LNG 2 liquefied natural gas project.[14][15] In October 2022, Arnaud Pieton announced having signed an Exit Framework Agreement for this project and anticipated completing this process within the first half of 2023.[16]

In February 2021, QatarEnergy awarded a $13 billion contract to Technip Energies and its Japanese partner Chiyoda.[17] The project involves the construction of four natural gas liquefaction plants in Qatar to increase the country's liquefied natural gas production by 40%. The contract sent Technip Energies stock price soaring on its first day of trading,[18] associating it with the largest LNG project in history.[19][20]

In 2021, Technip Energies supplied the world's first liquefied CO2 marine loading arms as part of the Northern Lights carbon capture project in Norway.[21] In July 2022, Hafslund Oslo Celsio awarded Technip Energies a contract for the world's first complete waste-to-energy facility with CO2 capture.[22]

In 2022, Technip Energies collaborated with the Swiss sports brand On to develop the first ever shoe made using carbon emissions as a primary raw material.[23]

In July 2022, Technip Energies signed an agreement with the UAE's National Petroleum Construction Co. (NPCC) to form the joint venture NT ENERGIES LLC, which aims to support the energy transition in the Middle East and North Africa by offering services related to decarbonization and blue and green hydrogen.[24]

In 2023 Technip Energies was awarded two Engineering, Procurement Services and Construction Management (EPCM) contracts by Galp for the development of their Sines refinery in Portugal. The primary focuses of the contracts are the installation of a 270 ktpa capacity advanced bio-fuels unit, in a joint venture partnership with Galp holding 75% and Mitsui holding 25%, and a 100 MW proton exchange membrane (PEM) electrolysis plant with a production up to 15 ktpa of renewable hydrogen, to replace up to 20% of the refinery's grey hydrogen consumption. Both initiatives have been undertaken as part of Galp's program to reduce the carbon footprint of the refinery and its products, with a total gross investment of €650 million.[25]

In the same year, Technip Energies, entered into several collaborations including a partnership with Belgian engineering company John Cockerill, to develop Rely - a provider of end-to-end green hydrogen solutions;[26] and a partnership with LanzaJet to expand its sustainable aviation fuel production with the use of Technip Energies' Hummingbird Technology.[27][28][29]

Technip Energies was part of the consortium which launched the Alliance for Industry Decarbonization, which aims to decarbonize industrial value chains towards the Paris Agreement goals.[30]

Technip Energies is a member of OPEN-C Foundation, a foundation dedicated to floating wind power and marine renewable energies.[31]

Technip Energies is listed on the Euronext Paris stock market with symbol TE, and on the American over-the-counter market as American Depositary Receipt TKPPK.[32]

Controversies

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According to the French newspaper Le Monde,[33] Technip Energies participated in the Russian project Arctic LNG 2 after the sanctions imposed by the European Union against Russia. Le Monde writes "European sanctions against Russia should have prohibited any Western involvement in such a project." and alleges that Technip Energies circumvented the sanctions to avoid heavy loses and penalties after having spent millions of work hours in the project. Technip Energies exited the project on July 27, 2023, over a year later after the European Union imposed the sanctions. Technip Energies affirms that it complied with all applicable sanctions.[34]

References

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  1. ^ "TechnipFMC merger complete". Offshore Energy. 2017-01-17. Retrieved 2022-05-23.
  2. ^ "FMC Technologies, Technip to merge". Offshore Magazine. Retrieved 2022-05-23.
  3. ^ "TechnipFMC resumes process to split operations into two companies". www.hydrocarbons-technology.com. Retrieved 2022-05-23.
  4. ^ "Technip Energies sera plus rentable que prévu" [Technip Energies will be more profitable than expected]. La Tribune. 22 July 2021. Retrieved 2022-05-28.
  5. ^ Thomas, Allister (2021-02-04). "TechnipFMC to complete separation this month". Energy Voice. Retrieved 2022-05-23.
  6. ^ Technip Industries to separate from TechnipFMC on February 12, 2021 TechnipFMC 4 February 2021
  7. ^ a b c d Collen, Vincent (December 23, 2021). "Technip, le parapétrolier qui trace son avenir dans le gaz et la décarbonation" [Technip, the oilfield services company charting its future in gas and decarbonization]. Les Echos.
  8. ^ Annual report for year ended 31 December 2021 Technip Energies
  9. ^ Guichard, Guillaume (April 6, 2022). "Guerre en Ukraine: un coup dur pour le français Technip Energies" [War in Ukraine: a hard blow for French Technip Energies]. Le Figaro.
  10. ^ Belsinski, Scott (2 April 2015). "Putin May Have Last Laugh Over Western Sanctions". Oilprice.com. Retrieved 6 April 2015.
  11. ^ Kramer, Andrew E. (24 July 2013). "Polar Thaw Opens Shortcut for Russian Natural Gas". New York Times. Retrieved 25 July 2013.
  12. ^ "La société française Technip Energies renonce à "toute nouvelle opportunité commerciale en Russie"" [French company Technip Energies renounces "any new business opportunity in Russia"]. Capital. March 3, 2022.
  13. ^ Portala, Juliette (2022-03-03). "Technip Energies aims to shun Russia; margin guidance boosts shares". Reuters. Retrieved 2022-05-27.
  14. ^ Baldassari, Valentine; Mandia, Diana (2022-04-25). "Technip Energies sees 'complicated' road ahead for Russia's Arctic LNG 2 project". Reuters. Retrieved 2022-05-27.
  15. ^ "GNL, Technip Energies: Un train d'enfer" [LNG, Technip Energies: A train from hell]. Les Echos. April 25, 2022.
  16. ^ Portala, Juliette (2022-10-20). "Technip Energies signs deal to leave Arctic LNG 2 project in H1 2023". Reuters. Retrieved 2022-11-07.
  17. ^ "Qatar Petroleum signs deal for mega-LNG expansion". Reuters. 2021-02-08. Retrieved 2022-05-23.
  18. ^ "Shares in Technip Energies soar more than 30% on first trading day". Reuters. 2021-02-16. Retrieved 2022-05-24.
  19. ^ "Qatar Petroleum makes FID on $28.7bn North Field East project". Offshore Technology. 2021-02-09. Retrieved 2022-05-23.
  20. ^ "Qatar's giant LNG ambitions in the Middle East". CompressorTECH². 2022-03-07. Retrieved 2022-05-24.
  21. ^ "Technip Energies to supply the world-first liquefied CO₂ Marine Loading Arms for the Northern Lights project – Energy Northern Perspective". Retrieved 2022-11-07.
  22. ^ Biogradlija, Arnes (2022-07-04). "EPC awarded for world's first CCS at waste to energy plant in Norway -". Retrieved 2022-11-07.
  23. ^ "Made from carbon emissions – The CleanCloud™ story". www.on-running.com. Retrieved 2022-11-07.
  24. ^ "StackPath". www.offshore-mag.com. Retrieved 2022-11-07.
  25. ^ Technip Energies (10 May 2023). "Technip Energies Awarded an Advanced Biofuels Unit and a Green Hydrogen Unit at Galp Sines Refinery". Business Wire (English).
  26. ^ "Technip Energies, John Cockerill launch hydrogen platform". IJGlobal: N.PAG–N.PAG. 22 May 2023.
  27. ^ "LanzaJet Collaborates with Technip Energies on Sustainable Aviation Fuel". Waste360: N.PAG–N.PAG. 27 September 2023.
  28. ^ "Sustainable Fuels Firm LanzaJet Will Continue to Integrate Technip Energies' Hummingbird Technology". Airline Industry Information (M2). 2023-09-22.
  29. ^ PR Newswire (2023-09-19). "Lanzajet Strengthens Collaboration with Technip Energies to Accelerate the Global Deployment of Sustainable Aviation Fuel: LANZAJET-TechnipEnerg". PR Newswire US.
  30. ^ "IRENA and Industry Leaders Launch the Alliance for Industry Decarbonisation". www.irena.org. Retrieved 2022-11-07.
  31. ^ "Open-C regroupera les sites d'essais français dans les énergies marines". Les Echos (in French). 2022-09-02. Retrieved 2022-11-07.
  32. ^ MarketScreener. "TECHNIP ENERGIES N.V. : Shareholders Board Members Managers and Company Profile | NL0014559478 | MarketScreener". www.marketscreener.com. Retrieved 2022-05-24.
  33. ^ "How French group Technip Energies participated in a Russian gas megaproject despite international sanctions". Le Monde.fr. 2023-10-19. Retrieved 2024-04-26.
  34. ^ "Technip Energies Has Complied at All Times with Applicable Sanctions in Relation to the Arctic LNG 2 Project | Technip Energies". www.ten.com. 2023-10-19. Retrieved 2024-04-26.
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