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GTT wraps up H1 with ‘success’ in LNG marine fuel sector

30 Jul 2018

Liquefied natural gas (LNG) membrane containment systems engineering firm Gaztransport & Technigaz (GTT) completed its first half (H1) of 2018 with positive news from activity in the LNG marine fuel sector.

“In the field of LNG fuel, the success recorded by GTT confirmed the attraction of ship-owners for its membrane technologies,” said Philippe Berterottière, Chairman and CEO of GTT.

“After the order for nine giant container carriers from CMA CGM at the end of last year, in January the Group obtained one order for a bunker ship to be operated by TOTAL to supply the LNG to these container carriers.

“In early July, GTT obtained a major success with the order of LNG tanks intended for the future Ponant icebreaker cruiser. In this particular case, GTT will be responsible for the construction of these tanks, thereby offering its partners a true turnkey solution.”

The company’s overall results recorded net income of EUR 75.7 million (USD $88.27 million) in H1 2018, a 20% increase from net income of EUR 63.1 million in the similar period last year with respective operating margin of 59.5% and 55.5% during the comparative periods.

Revenue in H1 2018 was EUR 127.2 million, compared to revenue of EUR 113.7 million in H1 2017.

A summary of LNG fuel activity of GTT in H1 2018 are as follows:

  • One order for a bunker ship with a capacity of 18,600 m3. It will be equipped with the Mark III Flex technology and built at the Chinese shipyard Hudong Zhonghua. Positioned in northern Europe, its purpose will be in particular to supply LNG for the future CMA CGM container carriers. It will be operated by the Mitsui OSK Lines Ltd. ship owner and chartered by the dedicated bunker subsidiary Total Marine Fuels Global Solutions (TMFGS).
  • In July 2018, GTT also recorded one order from Vard to build LNG tanks for the PONANT Icebreaker, the first LNG-powered cruiser icebreaker. This is a new step in the development of the LNG fuel activity, as it is an especially new and environmentally-friendly vessel.
  • In April 2018, GTT signed a Technical Assistance and License Agreement (TALA) with Sembcorp Marine, a company based in Singapore, to design and build FSRUs, average-size LNG carriers and Sembcorp Marine’s Gravifloat platforms using GTT’s membrane containment systems.

Published: 30 July 2018

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