BKR: KGS Multi-Year Agreement Adds to Power/ Data Center Order Momentum

研报英文原文证据摘录

BKR: KGS Multi-Year Agreement Adds to Power/ Data Center Order Momentum

USA | Oil Services & Equipment

Baker Hughes EquityJulyResearch8, 2026

FLASH NOTEBKR: KGS Multi-Year Agreement Adds to Power/

RATING BUYData Center Order Momentum

PRICE $57.58^

We view the announcement as positive - the framework provides up to 1.8

GW of power gen to KGS, anchored by ~1 GW by 2030 (NovaLT16, Frame 5 + PRICE TARGET | % TO PT $80.00 | +39%

BRUSH) plus LTSA intent. The initial award implies ~$1bn in revenues (in our 52W HIGH-LOW $70.41 - $38.37

view) and reinforces BKR's positioning in 10-50 MW BTM turbines. NovaLT now FLOAT (%) | ADV MM (USD) 99.4% | 519.97

selling into '29/'30. We continue to view BKR as a differentiated story on IET MARKET CAP $57.3B

positioning, further strengthened by GTLS. Next catalyst: EC Phase I on GTLS TICKER BKR ^Prior trading day's closing price unless otherwise

this Friday. noted.

What Happened? BKR and KGS announced a multi-year strategic agreement under which BKR

will supply power generation equipment to support KGS's expansion into behind-the-meter power

solutions for US data centers. The agreement establishes a pathway for up to 1.8 GW of capacity,

anchored by an initial ~1 GW equipment award to be delivered by 2030, comprising NovaLT16

and Frame 5 gas turbines alongside BRUSH generators. The rolling structure provides flexibility

to align capacity commitments with evolving data center demand and phased project schedules,

and contemplates technical training, spare parts, and mutual intent to enter a long-term services

agreement (LTSA) for the equipment.

Takes for BKR (Positive): The order adds another sizable IET/Gas Tech Equipment award and

provides incremental multi-year visibility tied to the power/data center theme, bundling NovaLT,