EMEA News
LNG Firm GTT Files for IPO
Engineering company Gaztransport & Technigaz (GTT), the maker of the most commonly used containment systems for liquefied natural gas (LNG) carriers, has registered documents with French authorities to hold an initial public offering, the Financial Times reports.
GTT, owned by French utility GDF Suez, French oil company Total SA (Total), and U.S. fund Hellman & Friedman (Hellman), says it has provided containment systems for 93 percent of LNG carriers ordered since 2008, and 69 percent of the entire current fleet of the ships.
Hellman and Total both plan to reduce their stake in the company with the IPO.
With supply and demand for natural gas both projected to grow strongly, LNG carriers are one of the few bright spots in the shipping market.
GTT made a profit of €87 million ($119 million) in the first nine months of 2013 on revenues of €157 million ($215 million).
The company's chief executive, Philippe Berterottiere, said in June that new investment in the company will come from buyers who believe in its plans to expand into the LNG bunkering market.
The company promises on its website that its technologies are suited to land and floating storage of LNG, as well as bunkering ships and barges, and LNG-powered vessels.
