GTT reports profit dip while orders hit record as vessel demand grows

Tuesday, 28 February 2023
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Gaztransport and Technigaz (GTT), the French LNG storage technology company, reported a slight drop in full-year revenues though the results were strong as orders also reached a record level with demand increasing for new vessels.

GTT’s revenues for 2022 dipped by 2.4 percent to €307.3 million ($329M) from €314.7M in the previous year.

The Paris-based company, which earns its main income from technology licensing, posted a 4.3 percent decline in net income to €128.3M compared with €134.1M in 2021.

However, the company order book contained a record number of 274 LNG membrane storage units for the core business and 70 units for the LNG-as-fuel sector.

GTT said it achieved a record year in 2022 with 162 LNG carrier orders.

Deliveries of the tanks are scheduled between the third quarter of 2024 and the fourth quarter of 2028.

“Of particular note among these orders are those for six large-capacity LNG carriers (200,000 cubic metres),” said the company.

GTT also received an order for a floating storage and regasification unit for delivery in the second quarter of 2026 and two orders for large-capacity ethane carriers for delivery in the fourth quarter of 2025.

The company additionally received orders to equip 42 LNG-powered vessels in 2022.

“The high price of LNG in Europe is hampering sales momentum in the short term, as confirmed by the absence of orders in the fourth quarter of 2022,” the company noted.

“Nevertheless, GTT remains convinced of the relevance of its solutions, which enable vessels to comply with new environmental standards, and therefore of the medium-term and long-term potential of this business,” stated GTT.

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