GTT notes orders increase as Q1 revenues rise

French liquefied natural gas (LNG) containment system specialist, GTT, saw a sharp increase in orders in the first quarter of the year, with revenues rising. 

The company reported a 12.4 percent increase in the first quarter revenue, reaching €64.2 million compared to €57 million in the corresponding quarter last year.

Philippe Berterottière, chairman and CEO of GTT, said, “The first quarter of 2018 was marked by a sharp increase in orders. We have already booked orders for 10 LNG carriers, 1 FSRU, and the fitting of a bunker vessel.”

The pace of order bookings is a clear sign of the good performance of the LNG market, Berterottière said. The vessels are all due to be delivered between late 2019 and early 2020.

“The liquefaction projects under construction – or lined up for construction – should continue to generate significant demand for additional LNG carriers and FSRUs. We are also highly proactive in LNG fuel, which shows strong potential,” he said.

Berterottière added that, from a financial standpoint, the revenues earned during the first three months of the year are in line with the company’s expectations, and it is maintaining its annual objectives.

GTT’s order book, which comprised 89 units at January 1, 2018, saw several changes as 17 LNG carriers have been delivered while new orders came in.

At the end of March 31, the order book stood at 83 units, including 65 LNG carriers, 13 FSRUs, two FLNGs, two onshore storage tanks and a barge.

With the first quarter developments, GTT confirmed its objectives for the year 2018.