GTT’s Q1 revenue drops 7.5 pct despite record order intake

GTT, the French designer of membrane containment systems for the maritime transportation and storage of LNG, said that its revenues for the first quarter 2015 stood at  €54.7 million, a decrease by 7.5% compared to the same quarter in 2014. 

However, the company recorded a strong order intake counting 25 orders for LNG carrier newbuilds.

On top of the 21 LNGC orders already revealed during the first quarter, comes a new order for four LNG carriers to be built by the South Korean shipbuilder DSME (Daewoo Shipbuilding & Marine Engineering). Two of these LNGCs are for Korea Line and the two others for Hyundai LNG. They are expected to be delivered between 2017 and 2019, the company informed in a statement.

Philippe Berterottière, Chairman and CEO, commented, “With a record level of orders, the first three months of 2015 are in line with 2014, the slight decrease in sales resulting from a comparatively high first quarter 2014 and from the pace of vessels’ construction. In particular, the new order intake of five additional ice-breakers and of the first LNG bunker barge for the American market, fully designed by GTT, represents a successful achievement.”

The company has also signed a cooperation agreement with the South Korean shipbuilder Samsung Heavy Industries for the industrialization of its new technology, Mark V, an optimized version of the Mark III system and its sister Mark III Flex.

The company’s order book grew with 26 new orders for 25 LNGCs and one LNG bunker barge. GTT also made nine LNGCs deliveries and LNGCs orders cancelled.

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LNG World News Staff; Image. GTT

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