GTT’s 2016 revenue up

Gaztransport & Technigaz (GTT), the French maker of LNG containment systems, posted a revenue of €235.6 million (Approx: US$249.5 million) for the year 2016, a 4 percent increase compared to the year before. 

GTT’s net income rose 2.1 percent from €117.3 million in 2015 to €119.7 million during the year under review, for a net margin of 50.8 percent.

Commenting on the company’s results, chairman and CEO, Philippe Berterottière said, “2016 was marked by wait-and-see behavior on the part of charterers and operators, limiting the number of orders for LNGCs.”

At the end of the year, GTT’s order book stood at 96 units, including 84 LNG and ethane carriers, 7 FSRUs, 2 FLNGs, 2 onshore storage tanks and one LNG bunker barge.

New orders in 2016 included 5 new LNG carriers with the company completing deliveries for 25 LNG and ethane carriers, one FSRU and one FLNG. New orders have all been booked by the South Korean shipyards, Hyundai Heavy Industries (2 orders), Daewoo Shipbuilding & Marine Engineering (2 orders), and Samsung Heavy Industries (1 order).

Berterottière added that towards the end of the financial year, in a market environment that remains difficult for the transport of LNG, the company observed an improvement in some market indicators such as the vessel charter rates.

“This being said, growth in demand for LNG, especially in Asia, and orders for FRSUs received in early 2017, show that the LNG market continues to see growth,” he said.

The company estimates its 2017 revenues to be in the range of €225 to 240 million and is forecasting a net margin ratio above 50 percent.

1 EUR = 1.05882 USD