GTT reports strong first half results

GTT, the provider of LNG containment and storage systems, has announced its first half financial results for 2014.

The company reported a strong first half revenue growth, reflecting robust order intake during previous years. A total of 19 new orders were placed in the first half of the year, with GTT extending its revenue visibility from 2017 to 2019.

Comments

Commenting on the results, Chairman and CEO, Philippe Berterottière, said: “GTT reported an excellent first half 2014 with a strong order intake, which offers an extended revenue visibility through 2019 compared to the 2017 horizon reported at the end of March 2014.

“During the first half, we announced significant evolutions for the Group with the launch of new technologies to reduce the boil-off rate of LNG cargo: NO 96 Max (an upgrade of the NO 96 design) and the availability of the Mark V system for LNG carriers (LNGCs).

“The service portfolio continued to grow with the launch of SloShield™, an innovative real-time tool to monitor sloshing (liquid movements) in vessel tanks to improve LNGCs’ operating efficiency. Furthermore, our new UK subsidiary, GTT Training began its activity.

“During the first half, revenues grew 20% over the same period last year and net income increased by €8.8 million (+18%), for a net margin of 51%. For the year 2014, we confirm our targets: revenue of at least €223 million and a net margin of approximately 50%.”

First half highlights

Robust order intake for LNGCs

The first half of 2014 saw 16 new orders for LNG carriers from five shipyards.

New FPSO order for Petronas

With this order, GTT confirmed its status as the preferred partner for the construction of FPSOs. This new FPSO will be built at the Samsung Heavy Industries shipyard in South Korea.

First bunkering orders

GTT membrane fuel tank technology was selected by STX France to equip four ferries in the Brittany Ferries fleet, three existing and one new build in the PEGASIS project.

Launching of Mark V and NO 96 Max

GTT announced the launch of NO 96 Max (an upgrade of the NO 96 design) and the availability of the Mark V system for LNG carriers. These two systems are available for ships to be delivered in 2018.

New services

SloShield™, the real-time sloshing monitoring tool, was launched on the market. The new GTT Training subsidiary launched, offering a number of courses.

Revenues

Revenues increased from €95,687,000 at 30 June 2013 to €114,947,000 at 30 June 2014, representing a growth of 20% for the period. Royalties increased by 19%, while revenues related to other services increased by 39%.

Targets

GTT management has confirmed its 2014 targets:

• Revenues of at least €223 million
• Net margin of approximately 50%
• 2014 dividend payout of at least 80% of net income available for distribution

Adapted from press release by Katie Woodward

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/25072014/gtt-reports-h1-2014-results-1066/