GTT is Monitoring the Situation in Ukraine and Russia

Source: www.gulfoilandgas.com 3/9/2022, Location: Asia

GTT is 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 is 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.

As indicated in its various press releases, 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[2], representing 12% of the order book, correspond to units under construction in Russia. The realization 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.

Beyond those events, 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.

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


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