LNG

Jan 31 (LNGJ) - Wärtsilä, the Finnish ship-propulsion and gas systems company, said profits before taxes declined by 5 percent in the fourth quarter to 215 million euros ($268M) compared with 226M euros in the same three months of 2016. On an annual basis, pre-tax profits were up 6 percent at 506M euros versus 479M euros the previous year. Fourth-quarter order intake rose 14 percent to 1.51 billion euros and on a yearly basis orders were up 15 percent at 5.64Bln euros. “The favourable order trends seen throughout the year continued in the fourth quarter, providing us with a solid basis from which we can develop our business,” said President and Chief Executive Jaakko Eskola. Wärtsilä noted that in December 2017 it signed a cooperation agreement with French LNG storage technology company GTT to explore potential business opportunities in the marine sector in relation to LNG storage, fuel-gas supply systems and associated services.