GTT says Russia-Ukraine crisis could affect its LNG tank contracts

French LNG containment giant GTT said on Wednesday that the execution of certain contracts, mostly related to Novatek’s projects in the Arctic, was at risk due to the Russia-Ukraine crisis.

GTT said in a statement it was “closely monitoring” the evolution of the situation in Ukraine and Russia, in close coordination with its partners.

“The group expresses its solidarity with the populations who are victims of the current conflict,” GTT said.

The firm said it was taking all necessary measures to “protect its employees and stakeholders, in compliance with international sanctions.”

“Under the current context, there is a potential risk for the continuation and proper execution of certain contracts,” GTT said.

157 million euros

As indicated in its various press releases, the group oversees the design of cryogenic tanks for LNG carriers and gravity-based structures (GBS) intended for Arctic gas liquefaction projects, located in northern Russia, GTT said.

As of December 31, 2021, about 100 million euros ($110.7 million), representing 12 percent of GTT’s order book, correspond to units under construction in Russia, it said.

The realization of this order book is planned over a period of five years between 2022 and 2026.

Other orders in progress in Asian shipyards also concern LNG carriers and FSUs intended specifically for Arctic projects, it said.

These represent a total of an additional 57 million euros 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, GTT said.

GTT did not name the projects but these include contracts for Novatek’s two floating LNG storage units, Arctic LNG 2 GBS, ARC7 ice-breaking LNG carriers from Zvezda, and others.

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