The LNG membrane containment systems specialists said it received 31 orders during the first half of 2015.
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 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
Philippe Berterotti\u00e8re, Chairman and Chief Executive Officer, GTT
The news came alongside the firm's 2015 first half results, which despite showing a slight dip in revenues from \u20ac115 million ($126 million) to \u20ac105 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 Berterotti\u00e8re, 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%."
Skangas duel fuel LNG carrier Coral Energy (image credit/Skangas)
Liquified natural gas (LNG) bunker tanker Coralius has made its first trip loading and delivering LNG to and from Norwegian ports, according to trade press reports.
The 5,800 cubic meter capacity tanker, which is owned by Norwegian gas company Skangas, was delivered to the company in June. Skangas also operates LNG carrier Coral Energy.
OPEC Cutback Extension to be Discussed in November, But Developments Could Render Any Deal Meaningless
Analysts say everything from Saudi exploration to rising tensions with North Korea could radically alter the dynamics of the international market. File Image / Pixabay
Ever since the Organization of the Petroleum Exporting Countries (OPEC) extended the duration of its production cuts earlier this year to March of 2018, speculation has been rampant that the meager cutback volume coupled with the large number of members