GTT strengthens its service activity with the acquisition of Ascenz 

GTT has announces the acquisition of 75% of Ascenz from Chia Yoong Hui and Sia Teck Chong, its two executive founders, and from several investment funds. Based in Singapore and specialising in ‘Smart Shipping’, the company employs around forty people and designs operational monitoring and performance optimisation systems for vessels. Aimed at ship-owners, Ascenz’ solutions enable them to achieve significant fuel savings and ensure vessel compliance with environmental standards.

The shipping industry is increasingly opening up to new uses and services driven by digitalisation. In this context, the energy efficiency systems marketed by Ascenz are meeting with growing success among ship-owners.

This transaction reinforces GTT’s service portfolio in the area of LNG shipping. Moreover, with the development of LNG as fuel, which addresses the whole merchant fleet, this acquisition will also enlarge GTT’s service range, which will prove to be very useful on this market segment.

Ascenz CEO and co-founder, Chia Yoong Hui said: “We are delighted to be joining forces with GTT, leader in its sector, and to benefit from its in-depth knowledge of LNG markets. We share the same vision of Smart Shipping, and our respective know-how is perfectly complementary.”

Chairman and Chief Executive Officer of GTT, Philippe Berterottière said: “This is a particularly important new phase for us. The two companies’ complementarity will contribute to accelerate the Group’s development in services. With the rise of LNG as fuel, a market in which GTT intends to grow, the energy efficiency systems designed by Ascenz will enable us to provide ship-owners with even more compelling solutions.”

For more information visit www.gtt.fr

18th Dec 2017