GTT posts nine-month revenue jump

French liquefied natural gas containment system specialist, GTT, reported a 53.1 per cent jump in its nine-month revenue.

GTT’s revenue for the first nine months of 2020 reached €305.6 million ($356.7 million). This compares to €199.7 million in the corresponding period in 2019.

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 continues to progress at a firm pace, and LNG demand is maintaining its upward trend, driven by Asia.”

He noted that revenues for the first nine months of 2020 fully benefited from the flow of orders over the last two years and are sharply up.

In addition to the 12 LNG carriers booked during the first half of the year, further six orders were booked in the third quarter of 2020.

Including an order for ten ice-breaker LNG carriers announced today, GTT 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, the company said in its statement.

The company further added 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.

At the end of the third quarter, September 30, 2020, the order book, excluding LNG as fuel, stood at 135 units. The order book includes 108 LNG carriers, 10 VLECs, 5 FSRUs, 2 FSUs, 1 FLNG, 3 gravity-based structures (GBS), and 6 onshore storage tanks.

Looking ahead, GTT noted that given the size of the backlog, and assuming there are no major delays or cancellation of orders, GTT confirms its 2020 full-year revenue between €375 and €405 million.