12% of the Group’s order book correspond to units under construction in Russia

GTT says it is closely monitoring the evolution of the situation in Ukraine and Russia, in close coordination with its partners. In its statement, the Group notes “a potential risk for the continuation and proper execution of certain contracts”.

The Group is continuously assessing the consequences of the situation for its teams and activities in order to take the appropriate measures.

“This crisis highlights the importance of gas demand worldwide and more specifically the strategic importance of maritime transport of LNG (Liquefied Natural Gas), which is the core business of the Group”, reads the statement.

The Group oversees the design of cryogenic tanks for LNG carriers and GBS intended for Arctic gas liquefaction projects, located in northern Russia. As of December 31, 2021, approximately €100 million, representing 12% of the order book, correspond to units under construction in Russia. The realisation of this order book is planned over a period of 5 years between 2022 and 2026. Other orders in progress in Asian shipyards also concern LNG carriers and FSUs  intended specifically for Arctic projects. These represent a total of an additional €57 million for GTT, spread over the 2022-2024 period. Finally, other orders concern LNG carriers intended for Arctic projects. However, these units are able to operate in all types of conditions, according to the Group’s press release.

GTT (Gaztransport & Technigaz) is an engineering company expert in containment systems with cryogenic membranes used to transport and store liquefied gas, in particular LNG (Liquefied Natural Gas). For over 50 years, GTT has been maintaining reliable relationships with all stakeholders of the gas industry (shipyards, shipowners, gas companies, terminal operators, classification societies). The company designs and provides technologies which combine operational efficiency and safety, to equip LNG carriers, floating terminals, and multi-gas carriers. GTT also develops solutions dedicated to land storage and to the use of LNG as fuel for the vessel propulsion, as well as a full range of services including digital and energy transformation with the launch of innovative Smart Shipping solutions. In the segment of hydrogen storage GTT is represented via electrolyser business of its subsidiary Elogen.

Source: PortNews