Altair deal could be funded by other companies, including Siemens.
Ralf Thomas, chief financial officer of Siemens, said that the company could sell a portion of its shares in Siemens Healthineers and Siemens Energy, as well as Fluence, to fund the $10.6 billion Altair purchase. Siemens owns 75% of medical equipment manufacturer Siemens Healthineers, 17% of Siemens Energy and 31% in energy storage company Fluence.
Citgo auction at risk as Venezuelan bondholders file parallel claims
Holders of billions in Venezuelan bonds, notes and other securities have emerged in the last minute as protagonists in an American court case that will decide ownership of oil refiner Citgo Petroleum. They threaten to derail a compensation auction for more than a dozen firms to compensate them for unpaid debts or expropriations.
Siemens Energy settles with US over gas turbine contract dispute
Siemens Energy said it had agreed to pay $104m to settle with U.S. Authorities after using stolen trade secrets five years ago to inflate its bids on contracts. The proposed settlement between a U.S. Court in Virginia and Siemens Energy revolves around allegations that Siemens Energy used stolen trade secrets to bid for gas turbine equipment…
Siemens Energy extends CEO Contract as Recovery Continues
Siemens Energy announced on Wednesday that it had extended Christian Bruch's contract for another five years. This is the latest indication that the power equipment provider has made a turnaround following a major wind turbine crisis. Bruch has been leading the former Siemens AG division, since 2020. Last year…
Chinese demand drives up global wind turbine orders in H1 of 2024
Wood Mackenzie reported in a Monday report that global onshore wind turbines orders reached 91.2 gigawatts in the first half, an increase of 23% on the previous year. This was due to a higher demand from China's north region in the second quarter. China has the largest wind turbine production capacity in the world compared to Europe or the United States.
Siemens Energy resumes the sale of its 4.X onshore turbine
Siemens Energy has announced that it has resumed the sales of the 4.X wind turbine which was at the center of its largest corporate crisis. This is a sign of the German energy group's full return to the onshore markets. A spokesperson for Siemens Energy responded to a question by saying that sales of the turbines in trouble have resumed, but will be limited to certain markets.
Starmer, the UK's ambassador to Berlin, is there for talks on resetting ties with Europe
On Wednesday, British Prime Minister Keir starmer will discuss an economic and defense accord with German leaders. He hopes to use his two-day trip to Europe's leading powers Germany and France as a chance to reset the relationship with the rest. Starmer stated that he wanted Britain move past the previous Conservative Government's fractious relationships with European allies…
Starmer wants to help Europe reset its ties by pursuing a defence deal with Germany
British Prime Minister Keir Starmer will discuss a landmark economic and defence accord with German leaders on Wednesday, hoping to use a visit to pursue a "once-in-a-generation opportunity" to reset relations with the rest of Europe. Starmer, who is on a two-day trip to Germany and France to promote Britain's economy…
GE Vernova turbine blades fail at UK offshore wind farm
GE Vernova shares dropped nearly 7% Friday after a failure of a blade at an offshore windfarm in the UK. This is the latest incident involving equipment from the power services firm. According to a project statement, the incident occurred at the Dogger Bank A Project, which is located over 130 km off of the northeast coast England.
Norway restarts wind farm after losing 22-ton Siemens Gamesa Blade
The owner of a Norwegian wind farm said that after a four month outage, a large Siemens Gamesa blade will be partially re-started on Monday.Odal Vind lost the 72-metre blade (236 ft), weighing 22 tons, in April. This loss highlighted the challenges Siemens Energy faces after it acquired full control of Spain’s Siemens Gamesa.
Siemens Energy Shares Tumble 31% as Wind Turbine Troubles Exposed
Siemens Energy saw $6.3 billion wiped off its market capitalization on Friday after warning that the impact of quality problems at its Siemens Gamesa wind turbine business would be felt for years.The group scrapped its 2023 profit outlook late on Thursday after a review of its wind turbine division exposed deeper…
Consortium Wins FEED Contract for Keadby 3 Carbon Capture Power Station
A consortium of Aker Solutions, Siemens Energy and Doosan Babcock has been awarded the front-end engineering and design (FEED) contract for SSE Thermal and Equinor’s proposed Keadby 3 Carbon Capture Power Station, which could become the UK’s first power station with carbon capture and storage.Over the next 12 months…
Siemens Energy CEO Buch Calls Wind Division Problems 'Extremely Annoying'
Siemens Energy cranked up the pressure on wind turbine division Siemens Gamesa on Wednesday, saying it was "extremely annoying" that it was having to reduce its profit outlook as a result of the Spanish-listed unit.The comments from CEO Christian Bruch highlight the problems around the arm's length relationship…
Siemens Equipment for Pertamina's Balikpapan Refinery
Siemens Gas and Power will supply a range of compression and power generation equipment for the Petramina's Balikpapan Refinery located on Borneo Island in East Kalimantan, Indonesia.The equipment will be installed as part of Pertamina’s Refinery Development Master Plan (RDMP). The RDMP involves the construction…
Siemens to Give Shareholders 55% of Energy Business Spin-off
Siemens will give 55% of its power business to shareholders when it spins it off in September, the German engineering group said on Tuesday, the latest stage in its shift away from a sprawling conglomerate.The trains to industrial software maker then wants to "significantly" reduce its remaining 45% position within 12 to 18 months after the shares are listed on Sept.
Magnolia LNG Executes EPC Contract with KBR-SK JV
Liquefied Natural Gas Limited advised that its wholly owned subsidiary, Magnolia LNG LLC (Magnolia), has agreed a legally binding lump sum turnkey (LSTK) engineering, procurement and construction contract (EPC Contract) with the KBR‐SKE&C joint venture (KSJV) in relation to the Magnolia LNG project (MLNG). The EPC Contract covers the engineering…
LNGL Forms Alliances with Siemens, EthosEnergy
Liquefied Natural Gas Limited (LNGL) announced that it is entering into two additional key supplier alliance agreements (SAA) with Siemens Energy Inc. (Siemens) and EthosEnergy Group (EthosEnergy), respectively. These agreements call for LNGL to work collaboratively with both Siemens and EthosEnergy on current and future Company projects.
LNG Inks Global Alliance Pact with Siemens, EthosEnergy
Liquefied Natural Gas Limited is entering into two additional key supplier alliance agreements (SAA) with Siemens Energy Inc. and EthosEnergy Group, respectively. These agreements call for LNGL to work collaboratively with both Siemens and EthosEnergy on current and future Company projects.
Smith Joins Executive Team of Voith Turbo
Elliott Smith has joined Voith Turbo’s Power, Oil & Gas Division as Vice President of Business Development and Strategy. Smith will be based at the recently-opened office in Houston’s energy corridor. “Elliott’s leadership and experience in business development will be valuable assets as we look to expand our footprint in the oil and gas market…
SMA Solar, Siemens Join Foreces to Target Large Solar Projects
Germany's SMA Solar and engineering company Siemens have teamed up to equip utility-scale solar parks with technology to link them to power grids in an effort to benefit from rising global demand for photovoltaics. Demand for solar panels has grown steadily in recent years as governments have sharpened their…
