French liquefied natural gas containment specialist GTT reported a 74 per cent rise in first-quarter revenue as new orders keep pouring in.
GTT, which is about 40 per cent owned by French utility Engie, said its revenue reached 102.5 million euros ($111.2 million) in the first quarter of this year.
According to GTT, revenues benefited from orders in 2018 and 2019 as royalties from LNG carriers and floating storage and regasification units increased 88 percent and 80 percent, respectively.
Revenues from services dropped 14 percent to 3 million euros as a result of lower demand in maintenance and support services to vessels in operation.
This is mostly due to the consequences of the Covid-19 coronavirus pandemic.
GTT’s head Philippe Berterottière said that, due to the epidemic, a large part of the company’s workforce is working from home but the business is operating normally, despite the “particularly difficult circumstances”.
The Paris-based company secured four new orders for liquefied natural gas carriers during the first quarter and signed two services contracts with ship-owners.
As of March 31, 2020, GTT’s order book, excluding LNG as fuel, stood at 130 units out of which 112 are LNG carriers.
“Given our full order book and the fact that there are no delays, to date, in vessel construction schedules, we have decided to confirm our objectives for the full financial year”, Berterottière said.
GTT previously announced it expected 2020 consolidated revenues within a range of 375 million to 405 million euros.
Berterottière added that GTT will be “keeping a very close eye” on any changes affecting the markets in which the company operates.