French membrane containment system technology group, GTT reported consolidated revenues of €222 mill for the first nine months of 2022, down 7.5% compared to the same period of 2021.
However, third quarter 2022 revenues rose by 4.1% to €77.8 mill.
Newbuilding revenues totalled €200.4 mill, down 10.7% compared with the first nine months of 2021, when the cycle was still at its peak.
Royalties amounted to €174.7 mill from LNG and ethane carriers, €13.6 mill from FSUs, €1.2 mill from FLNGs, €4.7 mill from onshore storage tanks and €3.3 mill from GBS, GTT said.
LNG as fuel royalties (at €2.9 mill) were not impacted by the high order intake in 2021 and this year to date.
Nine-month revenues from the Elogen electrolyser business amounted to €3 mill, in a context of increasing commercial dynamic.
Crosshead--Service boost
Service revenues rose sharply by 50.2% to €18.7 mill, driven by growth in digital services and engineering studies mainly related to the conversion of LNGCs into FSRUs.
Philippe Berterottière, GTT Chairman and CEO, said: “With 134 LNG carrier orders, our core business during the first nine months of 2022 has broken all previous sales records, highlighting the continuation of particularly strong momentum.
“The surge in demand for LNG, particularly in Europe, is fuelling further demand for LNG carriers, underpinned by investment in liquefaction plants and increased construction capacity at shipyards.
“In the LNG as fuel business, GTT booked 42 orders during the first nine months of 2022. While the high price of LNG in Europe could slow order intake in the short term, GTT is convinced of the relevance of its solutions and the potential of this activity over the medium and long term.
“GTT maintains a tireless focus on R&D to meet its customers’ energy transition needs and the tightening requirements they face. Over the first nine months, we obtained numerous approvals from classification societies to develop new technologies in a wide range of fields, particularly in LNG as fuel, but also for the design of a hydrogen carrier and an innovative design for a three-tank LNG carrier.
“From a financial perspective, 3Q22 revenues were up 4.1% versus 3Q21. As expected, nine-month 2022 revenues were down, compared to the same period in 2021, due to an unfavourable base effect, which is gradually disappearing thanks to the strong order momentum.
“In addition, the Group confirms its 2022 targets with results expected to reach the lower half of the initial target range, as announced in the first half results release,” he said.
As at 30th September, 2022, the order book excluding LNG as fuel stood at 269 units, broken down as follows:
- 250 LNGCs.
- 2 ethane carriers.
- 2 FSUs.
- 3 GBS.
- 12 onshore storage tanks.
Regarding LNG as fuel, following the delivery of four vessels, and orders for 42 containership tanks, the number of vessels in the order book stood at 70 units.
GTT has received an order from Hyundai Heavy Industries for the design of a new FSRU ordered by US-based LNG company, Excelerate Energy for delivery in 2Q26.
GTT will design the FSRU’s tanks, which will have a capacity of 170,000 cu m. They will be fitted with the Mark III Flexmembrane containment system.
