Technip Energies (AO) | Buy | US Commonwealth LNG is finally in the bag!

Research evidence excerpt

Technip Energies (AO) | Buy | US Commonwealth LNG is finally in the bag!

News comment

Release date: 18 May 2026

Bertrand Hodée

Head of Oil & Gas

Buy +33 1 70 98 85 83Technip Energies bhodee@keplercheuvreux.com

France | Energy equip. & services Beta Profile: MCap: EUR6.4bn

Target Price: EUR45.00 Bloomberg: TE FP Reuters: TE.PA

Current Price: EUR37.08 Free float 76%

Up/downside: 21.4% Avg. daily volume (EURm) 44.6

YTD abs performance 14.2% Market data: 15 May 2026

52-week high/low (EUR) 41.64/31.50

US Commonwealth LNG is finally in the bag!

Key points:

Last Friday, Technip Energies received a Full Notice To Proceed (FNTP) for a major EPC contract for the US Commonwealth LNG

project (9.5mtpa capacity) located in Louisiana.

Caturus took the FID on the US Commonwealth after securing USD9.5bn of project financing with total commitments reaching

USD21.5bn (debt + equity).

A Major win for Technip Energies (size of the contract not disclosed, but initial bookings in the backlog should be around

USD6bn), with further upsides to bookings as construction progresses (further scopes would likely include reimbursable works).

Backlog by mid-year should reach EUR24bn or a 50% increase vs end 2025 (EUR16bn).

Order intakes YTD are now close to EUR11bn. Our EUR14bn order intakes for 2026 are now fully derisked with upsides should

Rovuma LNG (potential size USD7bn T.EN share) get sanctioned before year-end.

Rovuma LNG is a competitive bid between Technip Energies/JGC and Saipem/McDermott. We believe the consortium led by

Technip Energies is a strong favourite given the modular approach selected by Exxon.

A long-awaited milestone for Technip Energies (T.EN was selected by US Commonwealth LNG in August 2025 and was given

multiple limited notice to proceed pending FID by Caturus).