GTT achieves revenues of €88m in Q1 2021

GTT achieves revenues of €88m in Q1 2021

GTT (Gaztransport & Technigaz) has achieved revenues of €88 million in the first quarter of 2021.

The technology and engineering company specialises in the design of membrane containment systems for the transport and storage of liquefied gas.

Despite revenues being down 15 percent compared to Q1 2020, the company’s chairman and chief executive officer Philippe Berterottière was pleased with the financial results.

He said: “Since the beginning of 2021, we have received six orders for LNG carriers and two orders for ethane carriers.

“In addition, Qatar’s decision in February this year to invest in a new gas liquefaction plant, as well as the various other liquefaction projects under construction, represent significant order potential for our core business.

“On the innovation front, we have obtained several approvals from classification societies to develop new innovative technologies. GTT maintains a constant effort on R&D to meet its customers’ energy transition needs and the increased requirements they face.

“From a financial standpoint, revenues for the first quarter of 2021 are in line with our expectations. They were down 15 percent compared to Q1 2020, which recorded an exceptionally high level following particularly strong order intake, however were up 49 percent compared with Q1 2019.

“In the absence of any delays in shipbuilding schedules to date, we are confirming our full-year targets.”

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4th May 2021