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Oilfield and liquefied natural gas supplier Baker Hughes BKR-Q on Thursday raised its full year revenue forecast, primarily on strong demand for its liquefied natural gas (LNG) equipment.

Baker Hughes in recent years has benefited from a boom in global demand for LNG and the race to build new export terminals and the post-COVID recovery of oilfield activity.

The company expects revenue this year of between $25.4-billion and $25.8-billion, compared with a previous forecast for revenue between $24.8-billion and $26-billion, it said during an earnings call.

Shares of the company rose 3.8 per cent to $35.31 in early trading.

Baker Hughes raised its order outlook for its industrial and energy technology business segment for a second time this year.

Orders in the segment, which includes its LNG business, are now expected to range between $14 and $14.5-billion, from its original forecast of $10.5-billion to $11.5-billion.

The outlook for revenue from oilfield services and equipment business is $15.4-billion, at the midpoint of a prior $15.3-billion to $15.5-billion range.

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