Large LNG Boosts Chart Forecasts for 2019
US LNG equipment supplier Chart Industries announced April 18 that it has raised its outlook for 2019 as increased numbers of large LNG projects in the US and Asia accelerate towards implementation.
Orders grew by 60% year on year and 69% quarter on quarter to $461.2mn in the first quarter of 2019, Chart announced in a filing to investors. Orders in January-March included a $135.5mn order for Venture Global’s 10mn tons/yr Calcasieu Pass LNG export terminal, and a $20.3mn for Golar’s Gimi floating LNG vessel, the company noted.
“Our ‘big LNG’ order pipeline continues to take shape, with increasing order potential in 2019 driven by positive trends in the first quarter from the Federal Energy Regulatory Commission (FERC) and several LNG export terminal operators moving toward final investment decisions,” Chart said. “These actions contribute to our increasingly strong pipeline of potential 2019 large LNG related orders of $600mn to $800mn, up from our prior view of $400 to $500mn,” the report added.
However, Chart’s full year sales guidance for 2019 was raised by just $3mn to a range of $1.29bn-$1.34bn.
“With increasing activity related to big LNG and continued order strength across the base business, we are at near record backlog levels,” said CEO Jill Evanko.