GTT Opens Singapore Subsidiary, Eyes LNG Bunker Market

GTT says it is a world leader in the design of membrane containment system for LNG transport by sea

Liquefied Natural Gas (LNG) containment and storage systems firm GTT (Gaztransport & Technigaz) has announced the incorporation of a new subsidiary in Singapore with an eye to benefiting from the increasing use of LNG as a marine fuel across the Asia-Pacific region.

"In April 2015, GTT set up GAZTRANSPORT & TECHNIGAZ - GTT SEA PTE. LTD, its fourth subsidiary, wholly owned by GTT SA," the company said.

"The Singapore-based entity will facilitate sales prospecting in Asia-Pacific and Japan, and help the Company to derive maximum benefit from the forecast development of LNG as a marine fuel in this part of the world."

The news came alongside the firm's 2015 first half results, which despite showing a slight dip in revenues from €115 million ($126 million) to €105 million ($115 million), was otherwise upbeat about the future.

"With an intake of 31 orders during the first half of 2015, we are pleased with the level of activity achieved in the first part of the year in a contrasted environment. Our order book is currently worth some 800 million euros in revenues out to 2020, giving GTT increased revenue visibility for the years ahead," said Philippe Berterottière, Chairman and Chief Executive Officer of GTT.

"The two cooperation agreements signed in the first half with two leading shipyards mark an important milestone in the industrialisation of our new Mark V technology and illustrate the momentum and validity of our innovation policy. The fall-off in first-half revenues can be put down to a high comparison base and time lag in shipbuilding milestones, and does not call our targets for the current financial year into question, i.e., a revenue level close to last year's and a net margin of around 50%."

In June United Shipbuilding Corporation (USC) said it will build Russia's first three Liquefied Natural Gas (LNG) bunkering tankers using membrane technologies developed by GTT.