Joint Venture to offer added value services in hydrogen and related decarbonization projects and CO2 capture
On the sidelines of UAE President His Highness Sheikh Mohammed Bin Zayed Al Nahyan's visit to Paris, H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Catherine Colonna, Minister for Europe and Foreign Affairs witnessed the signing of an agreement to establish a new joint company between National Petroleum Construction Company (NPCC), a subsidiary of National Marine Dredging Company (The Group), and Technip Energies (Paris:TE) (ISIN:NL0014559478).
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The agreement was signed by Eng. Ahmed Al Dhaheri, CEO of NPCC and Arnaud Pieton, CEO of Technip Energies.
Headquartered in Abu Dhabi, the new joint venture NT ENERGIES LLC aims to support energy transition in the UAE, the broader Middle East region and North Africa by providing added value services in blue and green hydrogen and related decarbonization projects, CO2 capture in addition to industrial projects in the fields of waste-to-energy, biorefining, biochemistry, as well as other energy transition related themes.
Arnaud Pieton, CEO of Technip Energies, commented: "This partnership with NPCC marks a new milestone in our journey to accelerate the energy transition and limit climate change. We are very proud to have signed this agreement with such a recognized leader and long-standing partner with whom we have delivered many key energy projects. By sharing the experiences, capabilities, and know-how of our companies, we are confident that NT Energies will be able to rapidly bring to life the energy transition infrastructures that the UAE and MENA region require both domestically and for exports, particularly in the areas of Power to Gas, blue/green hydrogen and ammonia, CO2 management, sustainable fuels and circularity. Beyond policies, it is industry leaders like T.EN and NPCC who will develop, scale up and integrate credible solutions towards a low carbon environment. Our collaboration will help to further develop local competencies, increase in-country value, and cooperate to break down barriers to engineer a sustainable future together."
Eng. Yasser Zaghloul, the Group Chief Executive Officer at National Marine Dredging Group, said: "The new agreement reaffirms the commitment of NPCC, a subsidiary of National Marine Dredging Company (The Group), to support energy transition and decarbonization in line with the UAE's strategy to take positive and effective climate change actions to ensure a decarbonized future. This agreement with Technip Energies opens up new opportunities for sharing expertise in the field of sustainable energy and aligns with our expansion plans and ongoing search for new ways to strengthen global partnerships in line with our strategic vision of continuous growth."
Eng. Ahmed Al Dhaheri, CEO of NPCC, said: "We are excited to sign this agreement with Technip Energies, a pioneer in the energy transition industry. The new joint venture aims to promote a culture of sustainability and supports the best environmental practices in light of our rational government's commitment to moving toward clean energy sources. By combining Technip Energies technological know-how, overall project management capabilities and global footprint, and NPCC's project management skills for EPC projects, regional footprint and fabrication capabilities, NT ENERGIES LLC will bring to the table added value services in hydrogen and related decarbonization projects and CO2 capture in the UAE, the region and North Africa."
The new joint venture will also provide onshore and offshore oil and gas fields and facilities services, building and energy efficiency services, oil tanks installation and repair, installation, maintenance and manufacturing of alternative energy equipment as well as oil and gas facilities consultancy and engineering consultations on alternative energy and research.
About Technip Energies
Technip Energies is a leading Engineering Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our client's innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies is listed on Euronext Paris with American depositary receipts ("ADRs") traded over-the-counter in the United States.
For further information: www.technipenergies.com.
About NPCC
NPCC (National Petroleum Construction Company), a part of NMDC Group, headquartered in Abu Dhabi in the United Arab Emirates (UAE), is a world-class Engineering, Procurement and Construction Company that provides total EPC solutions to both the Offshore and Onshore Oil Gas sectors.
NPCC is a subsidiary of National Marine Dredging, NPCC provides engineering, procurement, project management, fabrication, installation and commissioning to project owners and operators.
Since its inception in 1973, NPCC has expanded its geographic footprint globally and today operates in Arabian Gulf, South Asia and Southeast Asia, and has plans to expand its operations to Africa and Caspian region.
NPCC has built strong relationships with leading Operating Companies (OPCOs), National Oil Companies (NOCs) and International Oil Companies (IOCs), and has a team of over 1,200 engineers, based in four engineering centres in Abu Dhabi UAE, Mumbai and Hyderabad India, and La Ciotat France.
NPCC's state-of-the-art fabrication facility in Mussafah, Abu Dhabi, is set in an area of 1.3 million sq. metres, and the yard can fabricate up to 100,000 metric tonnes (MT) of structural steel annually. The company owns a fleet of 23 offshore vessels equipped with modern facilities to support its shallow and deep-water operations. It can lift structures weighing up to 4,200 MT and is also equipped for laying sub-sea cables and pipelines, up to 66 inches diameter; in water depths from 10 to 2,000 metres.
Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies' operations or operating results. Forward-looking statements are often identified by the words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could," "may," "estimate," "outlook," and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies' current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.
All of Technip Energies' forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies' control) and assumptions that could cause actual results to differ materially from Technip Energies' historical experience and Technip Energies' present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.
For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies' risk factors set forth in Technip Energies' filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies' registration statement on Form F-1 filed on February 11, 2021.
Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.
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