GTT sees high level of orders in Q1 2023, revenues of €80 million

French LNG containment specialist GTT has announced its revenues for the first quarter of the 2023 financial year.

It said that in Q1, it achieved revenues of €80 million and received a high level of orders, 25 LNG carriers and one FLNG. The delivery of LNG carriers is scheduled between the first quarter of 2026 and the fourth quarter of 2027, while the FLNG unit is expected to be delivered in the first quarter of 2027.

GTT has also been chosen by two major European LNG ship owners to equip three vessels with its predictive maintenance solution, the “Sloshing Virtual Sensor.” Early in 2023, it received approval in principle (AiP) from Lloyd’s Register for the solution, allowing ship owners and charterers to enhance operational flexibility and achieve substantial savings.

GTT’s member Elogen signed a flagship contract with Crosswind, a joint venture between Shell and Eneco, as part of an offshore wind farm project for the design and manufacture of a 2.5 MW electrolyser, and according to GTT, Elogen is continuing its R&D work with the aim of improving the competitiveness and energy efficiency of its solutions.

To note, the group also announced the creation of a new brand, Ascenz Marorka.

GTT obtained a €4.66 million subsidy from Bpifrance for the design of an onboard CO2 capture system for vessels and the development of intelligent operational performance solutions by OSE Engineering, another GTT member, as part of the MerVent project, and more recently, it received four AiP from the Japanese classification society ClassNK for its alternative fuel development projects.

On 13 March 2023, GTT announced it had joined the United Nations (UN) Global Compact, thereby committing itself to promoting the Ten Principles on human rights, labour standards, the environment, and anti-corruption, and to implementing the 17 Sustainable Development Goals in its environmental, social, and governance policy.

Finally, the group confirmed its targets for the 2023 financial year, namely: 2023 consolidated revenues of between €385 million and €430 million, 2023 consolidated EBITDA of between €190 million and €235 million, and the distribution of a dividend for the 2023 financial year corresponding to a minimum payout ratio of 80% of consolidated net income.

Philippe Berterottière, Chairman and CEO of GTT, said: “With 25 orders for LNG carriers and one FLNG unit order booked in the first quarter of 2023, commercial performance in our core business remains strong in the wake of an exceptional 2022... From a financial standpoint, revenues for the first quarter of 2023 show a strong increase of 17.2% compared to the first quarter of 2022. Activity will pick up notably in the second half of 2023, benefitting of the growing number of ships under construction. In this context, the group confirms its 2023 targets.”

To remind, recently, GTT saw an update for the Korea Fair Trade Commission (KFTC) case as the Supreme Court of Korea rejected its appeal filed in December 2022 against the decision of the Seoul High Court, confirming the company’s obligation to separate, in whole or in part, the technology license and the technical assistance if requested by the Korean shipyards.