TWG and Wison signed a license agreement and technical assistance
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(AOF) – TWG signed a license agreement and technical assistance (ALA) project with the Wison Offshore & Marine (WOM) based in China, for the equipment of production units, liquefaction and LNG storage (FLNG), floating units of storage and regasification (FSRU), floating storage units, re-gasification and power plant (FSRP), and LNG, using the containment membrane systems GTT.
WOM is a pioneer in the field of Floating LNG in China, it is the first site worldwide to have shipped units “turnkey” type FSRU and FLNG. WOM got his TWG license after successfully conducted a certification process that began earlier this year, including the construction of a model of technology Mark III.
This agreement allows them to further develop their offer to shipowners in new markets, especially on floating solutions while advancing the development of LNG as a marine fuel in the global supply chain.
Philippe Berterottière, GTT CEO of said, “We are pleased to have Wison among our new partners we are committed to develop and build all new LNG infrastructure that can provide innovative solutions in logistics gas chain. . ”
AOF – LEARN MORE
GTT – Key points
– World leader in the design of cryogenic membrane containment systems used for storage and naval transportation of LNG, or liquefied natural gas;
– natural gas market in strong growth with a share in the expected energy consumption to 25% in 2040 and LNG fuel ramping;
– Revenues of € 246 million, 94% achieved in the construction of reservoirs and stationary ships, the share of services rapidly progressing;
– Advanced technology, more than 80% of the backlog from proposed technologies for less than 3 years;
– A year after the adoption of the “Global Sulfur Cap”, which will increase the propulsion LNG commercial vessels, increase in R & D particularly in the Mark V Technologies and Mark III Flex NO96 Flex or LNG Brick;
– growth based on offering new applications LNG Strategy (fuel), strengthening in storage, offshore and multi-carrier ships (ethane and gas) and the intensification of the service offering ;
– Activity margins close to 60%, the turnover being made to 9 / 10ths of royalties;
– Good visibility of the activity, with a record order backlog of 97 units;
– Financial situation of very healthy -absence endettement- where a high distribution of 80% of profit for 2019 and 2020 after a dividend of € 3.12 in respect of 2018.
GTT – The points to watch
– Geopolitical risks, Qatar, Malaysia and Indonesia with more than half of world supply LNG liquefaction;
– Sensitivity to regulations on the construction of liquefaction facilities;
– Customer very concentrated, the 9 / 10ths of sales being made with five shipyards in China, South Korea and Japan;
– Tax risk in France;
– expensive value close to its highs, resulting in rapid profit taking of any disappointment -telle lower revenue in Q1;
– yield value, with distribution in two stages;
– market valuation related to pace of order intake;
– Progress LNG export projects in the United States;
– Production of 524 M € turnover cumulated from 2019 to 2021;
– Further increase in orders recorded in the 1st half;
– Goal 2019 confirmed a turnover between € 255 and 270 million and an operating profit of between 150 and 160 M €;
– Capital controlled 40.4% by Engie.
The market value of major European utilities has melted over the past decade. The capitalization of Engie (formerly GDF Suez) has fallen around 34 billion after a high of 98 billion in 2008. As for EDF, its valuation is around 40 billion euros, against a peak at 155 billion in 2007 . Several factors penalize valuations: first the government intervention, which is not a guarantee of stability for investors because policies vary. In addition, government decisions are different from one country to another: if Poland subsidizes its coal plants, Germany will instead support up to 40 billion euros communities and stakeholders for a gradual exit coal by 2038. But energy companies positioned on renewable energy are doing well. This is the case of the Spanish Iberdrola or Italian Enel.