GTT announces increased revenues

GTT (Gaztransport & Technigaz) has announced that its revenues for the first nine months of fiscal year 2014 increased compared to the same period last year.

The company’s revenues from royalties were up 10% to €167 million, led mainly by the dynamic performance from LNG carriers and VLE carriers together (+14%) and floating LNG (FLNG) (+74%).

Revenues related to services climbed 18% to €6.5 million, mainly due to maintenance contracts for ships in service equipped with GTT technologies and supplier certification activity.

Q3 2014 highlights

During Q3 2014, GTT received 13 new LNG carrier orders, including nine ice-breaking LNG carriers, following an order for one in Q1 2014. The ice-breaking LNG carriers will be built by the Korean shipyard DSME (Daewoo Shipbuilding & Marine Engineering). Four orders for classic LNG carriers were also received in Q3.

GTT's technology has also been chosen for the construction of six VLE Carriers by the Korean shipyard SHI (Samsung Heavy Industries) for an Asian ship owner. 

GTT has also received Approvals in Principle (AIPs) from classification societies for the innovative design of the bunker mast, REACH4TM (Refueling Equipment Arm CH4 methane) from Bureau Veritas. Other AIPs cover the multi-gas cargo transport ships from five classification societies, and the 4000 m3 bunker barge design from Bureau Veritas.

Exceptional order intake 

Commenting on the first 9 month activity, Philippe Berterottière, Chairman and CEO of GTT, said: "Our order book stood at 114 units at the end of September thanks to an exceptional order intake of 19 ships during the third quarter. We are particularly proud to have won an order for six VLE Carriers, a first for GTT. We are now well-positioned to respond to the future needs for the transport of multiple gases. We are pleased to report a revenues increase of 11% compared to the same period in 2013.

In addition, the liquidity of our shares has improved following the private placement of c. 5% of share capital by a long-term shareholder. The free float portion of capital is now 44%.

Finally, GTT paid an interim dividend of €1.50 per share on 29 September 2014.

It is with confidence that we confirm our targets for the year 2014: revenues of at least €223 million and a net margin of c.50%."

Adapted from press release by Callum O'Reilly

Read the article online at: https://www.lngindustry.com/lng-shipping/15102014/gtt-announces-increased-revenues-1597/