GTT posts revenues of €64.2 million for Q1 2018

Philippe Berterottière, Chairman and Chief Executive Officer of GTT, commented: "The first quarter of 2018 was marked by a sharp increase in orders. We have already booked orders for 10 LNG carriers, 1 FSRU, and the fitting of a bunker vessel. The pace of order bookings is a clear sign of the good performance of the LNG market. The liquefaction projects under construction – or lined up for construction – should continue to generate significant demand for additional LNG carriers and FSRUs. We are also highly proactive in LNG fuel, which shows strong potential. From a financial standpoint, the revenues earned during the first three months of the year are in line with our expectations, and we are maintaining our annual objectives.

Highlights of the quarter:

Increase in orders for LNG carriers
With 10 LNGC orders and 1 FSRU order in Q1 2018, GTT's core business recorded a sharp increase compared to 2017. All LNG carriers are equipped with GTT's latest technologies (Mark III Flex+, Mark III Flex and NO96 GW). They are due to be delivered between late 2019 and early 2020.

LNG fuel: Completion of the test phase for the new LNG Brick^® technology
With the rise in the use of LNG fuel, the shipping industry needs compact cryogenic storage solutions that are easy to install. To meet this requirement, GTT has developed the LNG Brick^®.

The LNG Brick^® comes in the form of a unit that is ready to be installed into the ship structure. It is intended for medium-sized merchant vessels with cryogenic tanks with capacities in the range of 1000 – 3000 m³. The LNG Brick^® allows easier management of evaporation for small volumes, thanks to its capacity to maintain higher pressure than conventional membrane containment systems.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/13042018/gtt-posts-revenues-of-642-million-for-q1-2018/