GTT

€306 million in revenue for the first nine months of 2020

€306 million in revenue for the first nine months of 2020

• Order book at 30 September 2020 of 135 units for the core business and 17 units for the LNG as fuel business
• Consolidated revenues up 53%
• 2020 targets confirmed

             
Paris – 28 October 2020. Gaztransport & Technigaz (GTT), an engineering company specialised in the design of membrane containment systems for maritime transportation and storage of liquefied gas, has today announced revenues for the first nine months of 2020.

Commenting on the results, Philippe Berterottière, Chairman and CEO of GTT, said: "With a total of 38 orders booked since the start of the year for all segments taken together, GTT's commercial activity continue to progress at a firm pace, and LNG demand is maintaining its upward trend, driven by Asia.
Revenues for the first 9 months of 2020 fully benefited from  the flow of orders over the last two years and are sharply up. As a result, considering the strong level of our backlog and shipbuilding schedules, we confirm our revenue and EBITDA targets for the full year 2020.
I should also like to point out our recent acquisition of Areva H2Gen, French PEM electrolysis market leader. This company operates at the core of the energy transition, and matches perfectly our strategy and mission statement. »

Business activity

- LNG carrier orders at high level

GTT’s business activity was marked by a number of successes during the first nine months of 2020, particularly in to the field of LNG carriers. In addition to the 12 LNG carriers booked during the first half of the year, a further 6 orders were booked in the third quarter of 2020. Including an order for 10 ice-breaker LNG carriers announced today, the Group has taken in a total of 28 orders for LNG carriers since the start of 2020. GTT’s core business activity is, therefore, at a sustained level.

Note that the Technical Assistance and Licensing Agreement (TALA) signed at the end of June with Russian shipyard Zvezda Shipbuilding Complex (Zvezda), for the construction of LNG carriers incorporating GTT membrane tank systems, led already to orders for 15 ice-breaker LNG carriers.

- Orders for 4 latest-generation VLECs

In September 2020, GTT's membrane technology was selected to design six very large ethane carriers (VLEC – 98,000 m³) built by Korean shipbuilders Hyundai Heavy Industries (HHI) and Samsung Heavy Industries (SHI). This follows on from an order for 6 ethane carriers a year earlier.