GTT’s 2020 revenue rises as new orders keep pouring in

France’s GTT, the world’s largest maker of LNG tanks, reported a 37.5 percent rise in revenue last year as it secured 51 new orders, mostly for tankers.

The company said its consolidated revenue reached 396.4 million euros ($479 million) in the January-December period, benefiting in particular from the flow of orders booked in 2018 and 2019.

Net income also increased 38.7 percent to 198.8 million euros ($240 million).

GTT’s order book as of December 31 reached 147 units out of which 122 included LNG carriers. This excludes LNG as fuel where GTT had 14 units on order.

In addition, the firm also revealed a 2021 revenue target within a range of 285 million to 315 million euros.

GTT’s chief Philippe Berterottière said demand for LNG continued its upward trend, driven by countries in Asia.

“In addition to the 41 orders for LNG carriers, GTT once again demonstrated, with orders for ethane carriers, FSRUs, FSUs and onshore storage, its ability to cover the entire liquefied gas transport and storage value chain,” he said.

Berterottière said GTT’s financial performance “is in line” with the targets the firm set in February 2020, before the Covid crisis.

“The growth of our business and the development of new projects have led GTT to recruit new talents, in innovation, R&D and information systems in particular. These recruitments support the group’s growth and prepare for the future,” he said.

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