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GTT releases report on first nine months of 2015

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LNG Industry,

Gaztransport & Technigaz (GTT) has announced its first nine months of revenue for 2015, reporting that total revenue was down 8.8% from the first nine months of 2014. Whilst revenue from royalties – comprised from LNG carriers, floating storage regasification units (FSRUs), floating LNG (FLNG) facilities, onshore storage facilities and an LNG barge – decreased, revenue from services, such as maintenance contracts, totalled €11.7 million, signalling an increase of 79.6% from the first nine months of 2014.

In addition to 28 LNG carriers announced in the first half of 2015, an order for another carrier was made by Daewoo Shipbuilding & Marine Engineering (DSME) for the Greek ship owner – Chandris – and is expected to be delivered in 2018.

In the third quarter, GTT received an order from Samsung Heavy Industries for an FSRU for delivery in 2017. This comes in addition to two orders from Hyundai Heavy Industries made in the first half of 2015.

GTT also received general approval for its new Mark V containment system technology from DNV-GL and Lloyd’s Register.

In October, GTT signed a framework partnership agreement with CERN for the construction of onshore tanks – called cryostats – to contain liquid argon, which will be used for experimentation.

Philippe Berterottière, the Chairman and CEO of GTT, said: “Third quarter activity levels were in line with those of the previous quarter. In an environment that is still contrasted, our order book remains high, at 122 units. Our constant focus on innovation will bear fruit over the coming months with the industrialisation and marketing of the new Mark V technology, and marketing of new services. The current pace of vessels' construction and sustained service activity allow us to confirm again our revenue and margin targets for 2015 and our revenue targets for 2016.”

Edited from press release by David Rowlands

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