GTT Acquires Icelandic Smart Shipping Solutions Provider
- Business & Finance
French engineering company Gaztransport & Technigaz (GTT) has acquired 100% of the share capital of Marorka, an Iceland-based company specializing in smart shipping.
Marorka designs maritime energy monitoring and optimization systems for vessels, allowing them to reduce their environmental footprint.
Representing a new milestone in the GTT’s digital strategy, the Icelandic company is said to be “a good technical, commercial and geographical complement” to Ascenz, GTT’s subsidiary based in Singapore.
“We are glad to become part of the GTT group; joining forces with Ascenz and GTT experts will boost our presence,” Darri Gunnarsson, CEO of Marorka, commented.
“We share the same vision on smart shipping and its increasing contribution to the improvement of shipping’s operational and environmental performance,” Gunnarsson added.
“This acquisition is an important new step in GTT’s digital roadmap. Smart shipping is an essential component to allow the shipping industry to reduce its environmental footprint,” Philippe Berterottière, Chairman and CEO of GTT, said.
Funded in cash, the transaction will have no significant impact on the group’s financial structure. The previous owners will continue to manage the company and will notably contribute their know-how and experience to the GTT’s digital strategy, the French company said.
The shipping industry has started its environmental transition in January 2020, when a new IMO regulation entered into force, imposing significant reductions in sulphur oxide emissions. The IMO has furthermore announced a long-term low-carbon strategy, including ambitious decarbonization targets. In addition to using LNG as a marine fuel, achieving those objectives will necessarily require smart software technologies and operational data analysis.