- Revenue up 35.1% over nine months and 57.0% in Q3 compared to 2022
- High level of orders: 52 LNG carriers, 1 FLNG and 15 LNG-powered container ships
- 2023 objectives: revenue and EBITDA expected to be in the upper half of the ranges
GTT, the technological expert in membrane containment systems used to transport and store liquefied gases, announces its revenues for the first nine months of 2023.
Commenting on the results, Philippe Berterottière, Chairman and Chief Executive Officer of GTT, said: “With a total of 52 LNG carrier orders and one FLNG unit order in the first nine months of 2023, the commercial performance of our core business continues to be very strong. LNG demand remains particularly high and sustainable, as illustrated by the number of final investment decisions for new liquefaction plants made since the beginning of the year, leading to additional LNG carrier needs.
GTT booked 15 orders for LNG as fuel in the third quarter of 2023, indicating a resumption of commercial activity as LNG spot prices stabilise.
Since the start of the year, Ascenz Marorka has won some major contracts with leading ship-owners, underlining the relevance of our digital solutions. Finally, Elogen, our subsidiary specialising in electrolysers for green hydrogen production, posted a strong increase in revenues, reflecting the order book growth seen since 2022.
The GTT Group is pursuing its continued R&D and innovation efforts, as evidenced by the numerous new approvals obtained from classification societies during the first nine months of 2023, notably in the field of alternative fuels.
On the financial front, revenues for the first nine months of 2023 were up by 35.1% compared to the first nine months of 2022, driven by the gradual increase in the number of LNG carriers under construction. Revenues for the third quarter were up by 57.0% compared to the same period last year. Therefore, in the absence of significant delays in vessel building schedules, the Group confirms its 2023 objectives, which it now expects in the upper half of the initial ranges.”
