With 58 new additions to its order book, GTT more than doubles net profit

France’s technological containment specialist Gaztransport & Technigaz (GTT) has disclosed its semi-annual results, identifying higher revenues over the period as one of the reasons for a two-fold growth in net income.

According to the results for the first half of 2024, the French player registered a net income of €170.3 million compared to €84 million in the first half of 2023, representing an increase of 102.7%. Additionally, the firm’s revenue of €295 million went up by nearly 66% compared to the first half of 2023.

GTT attributes this to 58 orders received in this period, excluding those for vessels using liquefied natural gas (LNG) as fuel. This comprised 52 LNG carriers, including 18 very-large LNG carriers (VLNGCs) with a capacity of 271,000 m3, with deliveries scheduled between 2026 and 2031.

The order list also included four large-capacity ethane carriers, slated for delivery in 2026 and 2027, one floating storage and regasification unit (FSRU), and one floating liquefied natural gas (FLNG) facility. As for completed work, GTT claims to have delivered 23 LNG carriers and four onshore storage tanks from January 1 to June 30.

Jean-Baptiste Choimet, GTT’s Chief Executive Officer (CEO), noted: “With 58 orders recorded in the first half of 2024, commercial performance in our core business continues to be very strong. LNG demand remains high, as illustrated by the two final investment decisions announced in June 2024 for new liquefaction projects (Cedar FLNG and Al Ruwais), leading to additional LNG carrier needs.”

Regarding the new liquefaction projects Choimet is referring to, GTT was selected to design tanks for Canada’s Cedar LNG project, which was rubber-stamped at the end of June, while the final investment decision (FID) for ADNOC’s Ruwais LNG development was made in mid-June.

Other clients included Samsung Heavy Industries (SHI), which placed an order for the tank design of 15 new LNG carriers in February, followed by HD Korea Shipbuilding & Offshore Engineering (HD KSOE) commissioning GTT to design tanks for two LNG carriers and a very large ethane carrier (VLEC) in March. In late June, Hudong-Zhonghua, a subsidiary of China State Shipbuilding Corporation (CSSC), hired the French player for the tank design of ten new VLNGCs.

Earlier this week, the firm disclosed that it was commissioned by Korean shipyard HD Hyundai Heavy Industries (HHI) to design 174,000 m3 tanks of two new LNG carriers the latter is building for an unnamed European shipowner. The tanks will be equipped with the firm’s Mark III Flex membrane containment system, with delivery scheduled between Q1 and Q2 2028.

In early July, HHI hired GTT to design 170,000 m3 tanks for an FSRU it is building for Mitsui O.S.K. Lines (MOL). This order was announced together with the one placed by China Merchants Heavy Industry- Jiangsu (CMHI) for tanks of an LNG carrier, each with a capacity of 180,000 m3, on behalf of Celsius.

Apart from adding orders to its to-do list, the firm recently received a design approval (DA) from Bureau Veritas and a general approval for ship application (GASA) from Lloyd’s Register for its NEXT1 LNG cargo containment system, signaling its readiness for commercial deployment.