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    GTT Sees Bump in Revenues in 2019

Summary

Large volumes of orders over the past two years are beginning to bear fruit financially.

by: Joseph Murphy

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Natural Gas & LNG News, Europe, Liquified Natural Gas (LNG), Corporate, Financials, News By Country, France

GTT Sees Bump in Revenues in 2019

French LNG engineering firm GTT raised revenues by 8.7% in the first nine months of the year, it said on October 17.

The company, which designs and supplies LNG containment systems, saw revenues climb to €199.7mn ($222mn) in the period, up from €185.7mn a year earlier.

“With 40 orders for LNG carriers during the first nine months, of which 14 in the third quarter, business activity has been particularly strong,” CEO Philippe Berterottiere said. “In addition, there were significant orders for gravity-based systems and ethane carriers’ equipment. This demonstrates GTT's ability to participate in the entire liquefied gas value chain from large gas projects to importation and bunkering terminals.”

A large influx of orders over the past two years has begun to bear fruit financially, he said. GTT will supply its Mark III Flex+, Mark III Flex and NO96 GW containment systems for the 40 LNG carrier orders, with delivery scheduled between the end of 2020 and the end of 2022.

Excluding LNG as fuel, the company’s order book at the end of September amounted to 120 units, including 100 LNG carriers, six ethane carriers, six FSRUs, two floating LNGs and three gravity-based structures for Novatek’s Arctic LNG-2 project. It also comprises three onshore storage tanks.