GTT revenue jump on record order intake in 2019

French liquefied natural gas containment system specialist, GTT, reported a 17.2 percent jump in revenue as orders in core activity rose to record levels.

GTT said its revenue for 2019 reached €288.2 million ($316.9 million), up from €245.9 million reported in 2018.

Commenting on the results, Philippe Berterottière, chairman and CEO of GTT said, “in addition to receiving 57 orders for LNG carriers, a new annual record for our core business, our 2019 GBS and VLEC orders demonstrated our ability to cover the entire value chain for liquefied gas transport and storage.”

With respect to the LNG as fuel, GTT received eight orders in 2019, including an order to retrofit a container vessel for Hapag Lloyd, which opens new development prospects in this promising sector, he said.

“In terms of our prospects for the current year, given the current healthy order book and the group’s preparations for the future, we believe that the 2020 consolidated revenues should be within a range of €375-405 million, consolidated EBITDA within a range of €235-255 million, and we are maintaining our commitment, for the 2020 and 2021 financial years, to pay out dividends of at least 80% of our net income,” Berterottière said.

At the end of 2019, GTT’s order book excluding LNG as fuel consisted of 133 units which comprise 113 LNG carriers, 6 ethane tankers, 6 FSRUs, 2 FLNGs, 2 gravity-based structures, and 3 onshore storage tanks.

With respect to LNG as fuel, with the eight orders in 2019, the number of vessels in the order book stood at 19 units as at December 31, 2019.