Liquefied natural gas (LNG) engineering firm GTT (Gaztransport & Technigaz) in early December completed a 75% acquisition of the share capital of Singapore-based ‘smart shipping’ technology company Ascenz.
Ascenz develops operational monitoring and performance optimisation systems for vessels; its solutions enable them to achieve significant fuel savings while ensuring vessel compliance with environmental standards.
“We are delighted to be joining forces with GTT, leader in its sector, and to benefit from its in-depth knowledge of LNG markets,” said Ascenz CEO and co-founder Chia Yoong Hui.
“We share the same vision of Smart Shipping, and our respective know-how is perfectly complementary.”
The development, made on the back of an expected increase in the use of LNG as a marine fuel, will allow GTT to expand its range of services.
“This is a particularly important new phase for us. The two companies' complementarity will contribute to accelerate the group's development in services,’ notes Philippe Berterottière, Chairman and Chief Executive Officer of GTT.
“With the rise of LNG as fuel, a market in which GTT intends to grow, the energy efficiency systems designed by Ascenz will enable us to provide ship-owners with even more compelling solutions."
The transaction was funded in cash and will have no significant impact on GTT’s financial structure.
Ascenz’s two executive founders, Chia Yoong Hui and Sia Teck Chong, will retain 25% of the share capital and continue management of the firm.
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