GTT announces 1Q15 results

Gaztransport & Technigaz (GTT) has announced that its revenues for the first quarter 2015 fell by 7.5% compared to the first quarter of 2014.

However, revenues related to services increased 48% to €4 million, compared to 1Q14. This was attributed to engineering studies (including a study which could subsequently lead to a vessel new order intake) and by maintenance contracts for ships in service equipped with GTT technologies.

Highlights

A new order for four LNG carriers to be built by Daewoo Shipbuilding & Marine Engineering (DSME) was placed, in addition to the 21 LNG carrier orders already announced during the first quarter. Two of these LNG carriers are for Korea Line and the two others for Hyundai LNG. The LNG carriers are expected to be delivered between 2017 and 2019.

All LNG carriers ordered since the beginning of 2015 will be equipped with the NO 96 GW technology which allows an optimised boil-off rate of cargo LNG. 

Shortly after signing a Technical Assistance and License Agreement (TALA) with Conrad Shipyard, GTT's subsidiary, GTT North America, received an order from Conrad Shipyard for one LNG bunker barge, the first dedicated LNG barge for the North American maritime market.

This LNG bunker barge will be built with the Mark III Flex cargo containment technology and will be equipped with the bunker mast REACH₄ developed by GTT. It is expected to be delivered in the first half of 2016.

GTT also signed a cooperation agreement with Samsung Heavy Industries for the industrialisation of its new technology, Mark V, an optimised version of the Mark III system and its sister Mark III Flex.  

Philippe Berterottière, Chairman and CEO of GTT, said: "With a record level of orders, the first three months of 2015 are in line with the successful year 2014, the slight decrease in sales resulting from a comparatively high first quarter 2014 and from the pace of vessels' construction. In particular, the new order intake of five additional ice-breakers and of the first LNG bunker barge for the American market, fully designed by GTT, represents a successful achievement. This first quarter illustrates the company's strength on its historical [LNG carrier] market, as well as its innovation and development capacity on adjacent markets. The future industrialisation of our new Mark V technology illustrates this dynamic.”

Edited from press release by Callum O'Reilly

Read the article online at: https://www.lngindustry.com/lng-shipping/15042015/gtt-announces-1q15-results-594/