GTT reports decline in first quarter revenue

GTT, the French maker of LNG containment systems, reported a revenue of €56.9 million ($60.4m) for the first quarter of 2017, declining 2.9 percent from the corresponding quarter last year. 

Philippe Berterottière, chairman and CEO of GTT, said “the first quarter of 2017 saw GTT win four new FSRU orders, reflecting the entry of new importing countries into the LNG market, which confirms the long-term growth perspectives on this market.”

He added that the company’s revenues in the first three months of the year are in line with its expectations.

GTT said that, anticipating market developments, the company decided in recent years to design new solutions for the offshore LNG industry, in particular for floating storage regasification units (FSRUs).

“Today, this is a particularly dynamic sector and one that is preferred by the new importing countries for which FSRUs provide a flexible solution and an economical alternative to onshore regasification terminals,” GTT said, adding that the four new orders booked in the first quarter confirm the relevance of this strategy.

The company’s order book changed since January 1, 2017 when it stood at 96 units. Since then GTT received orders for 1 LNG carrier, 4 FSRU’s while making 12 LNG and ethane carrier deliveries and 2 FSRU deliveries.

As of March 31, the order book stood at 87 units, namely 72 LNG and ethane carriers, 10 FSRUs, 2 FLNGs, 2 onshore storage tankes and one LNG bunker barge.

GTT also confirmed its targets for 2017, setting its revenues range between €225-240 million with a net margin ratio above 50 percent.

1 EUR = 1.06164 USD


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