Baker Hughes expands into geothermal and subsea energy deals, shifting its energy mix toward lower carbon projects

Baker Hughes has announced several new energy contracts, including subsea production systems for Azule Energy in Angola and lifecycle services for Nigeria's ANOH gas plant. The company also signed a geothermal partnership with Mantle Reach Power in North America. These deals show Baker Hughes applying its technology across both conventional oil and gas and lower carbon energy projects. The geothermal agreement is the most notable for the energy transition. It supports Baker Hughes' push to build recurring revenue in new energy markets beyond volatile oil and gas cycles. If these projects ramp as planned, geothermal orders could join LNG and data center power as important contributors to the company's backlog. However, cost inflation and tariffs remain risks that could affect project economics and timeline.