GTT announce revenues of €169 million in first nine months of 2017

Philippe Berterottière, Chairman and CEO of GTT, commented: "Third-quarter sales activity was marked by a new order for an FSRU, highlighting the market's appetite for this type of solution. Our Services activity has seen strong growth, largely thanks to our engineering studies. Our R&D efforts have concentrated on finalising a new variant of Mark III Flex, a proven technology whose performance now stands at a level comparable to that of our our latest-generation Mark V technology, itself currently the focus of a new development phase. The high level of new orders since the start of 2017 and the growth in our Services activity unable us to confirm our revenue, net margin, and dividend targets for the full financial year."

Revenues for the first nine months amounted to €168.5 million, down 4.6% on the first nine months of 2016.

• Revenues related to royalties stood at €157.1 million, down 6.3%. Royalties related to LNG carriers and ethane carriers decreased by 8.2% to €138.8 million as a result of a low number of orders in 2016, while royalties for FSRUs rose 14.8% to €16.4 million. Other royalties derived from FLNGs (€1.8 million, up 12.7%) and the barge (€0.1 million).
• Revenues related to services amounted to €11.4 million, up 26.6% compared to the first nine months of 2016, mainly driven by engineering studies and maintenance contracts for ships in service.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/20102017/gtt-announce-revenues-of-169-million-in-first-nine-months-of-2017/