Revenues of €68.2 million in the first quarter of 2022


Revenues of €68.2 million in the first quarter of 2022


  • New record order intake for LNG carriers and LNG-powered vessels
  • Innovative technology approvals confirming the strong dynamism of GTT’s R&D
  • Continued development of Elogen
  • Update on GTT’s exposure to Russia

Paris, April 21, 2022 – GTT (Gaztransport & Technigaz), the technological expert in membrane containment systems used to transport and store liquefied gases, today announces its revenues for the first quarter of 2022.

Philippe Berterottière, Chairman and Chief Executive Officer of GTT, said: “With 34 LNG carrier orders booked in the first quarter of 2022, GTT’s commercial performance remains very strong, in line with that of 2021.

In addition, order intake in the LNG as fuel segment confirms growing interest in GTT’s membrane technology, with 20 additional units in the first quarter of 2022.

The Group is also continuing its R&D efforts. It has obtained several new approvals and has also signed a key partnership with Shell for the development of a hydrogen transport vessel. 

Lastly, Elogen has announced that its planned gigafactory, pre-notified by the French government, will be located at Vendôme in the Centre-Val de Loire region, France.

From a financial perspective, revenues for the first quarter of 2022 were, as expected, lower than for the first quarter of 2021. The decline is attributable to a base effect, as the first quarter of 2021 still benefited from 2020’s strong dynamic, whereas the first quarter of 2022 did not fully benefit from the high level of orders taken in 2021.

In addition, in the press release issued on March 9, 2022, GTT set out its exposure to projects in which it is engaged in Russia. To date, GTT continues to perform these contracts in compliance with the applicable sanction regimes. However, the current situation exposes some of these projects to delay or cancellation risks. If these risks materialise, the Group may have to revise its 2022 targets.

On the other hand, the crisis also highlights the importance of gas requirements globally, the need for European countries to achieve energy independence in respect of Russia and, more specifically, the strategic importance of maritime transport of LNG, GTT’s core business. The Group therefore expects the current robust order momentum to continue.”


New LNG carrier orders

After receiving numerous orders in 2021, GTT booked 34 LNG carrier orders during the first quarter of 2022, confirming its excellent commercial momentum. These carriers will all be fitted with GTT’s latest technology. Deliveries are scheduled between the third quarter of 2024 and the third quarter of 2026.

New orders for equipping LNG-powered vessels

In the first quarter of 2022, GTT received orders to equip 20 LNG-powered vessels, confirming its progress in this segment after a record year in 2021 (27 orders). These orders were received from various Chinese and Korean shipyards on behalf of several ship-owners. Deliveries of the vessels are scheduled between the first quarter of 2024 and the second quarter of 2025.

Development of new technologies

On February 8, 2022, Shell International Trading and Shipping Company and GTT announced that they were joining forces to develop advanced technologies for transporting liquid hydrogen (LH2).

In February 2022, GTT also announced the launch of Recycool™, a technological solution for gas condensation that enables a significant reduction in CO2 emissions from LNG-powered vessels. 

GTT has received several approvals in principle (AiP) in the field of LNG as fuel: 

  • On March 1, 2022, GTT, Alwena Shipping, a marine engineering and consulting firm, and COSCO Shipping Heavy Industry (Zhoushan) Co. Ltd. (CHI Zhoushan) received an AiP from classification company Bureau Veritas (BV) for a new LNG conversion concept for very large container ships, combined with a lengthening of the vessel.
  • On March 31, 2022, GTT obtained an AiP from Japanese classification society ClassNK for a technological innovation applicable to LNG-powered PCTCs[1] and cruise ships equipped with a Mark III membrane tank, a technology developed by GTT. 
  • On April 6, GTT and Finnish ship designer Deltamarin received an AiP from Norwegian classification company DNV for an innovative LNG-powered PCTC vessel design. The compactness of the LNG system optimises cargo capacity and energy consumption while ensuring maximum autonomy for the vessel. The 2 bar (barg) pressure rating of the LNG tank allows for increased operational flexibility, especially during refuelling.

Continued development of Elogen

On March 8, 2022, Elogen announced that it had selected Vendôme in the Centre-Val de Loire region (France) as the location for its future electrolyser gigafactory. The project developed by Elogen is one of 15 projects pre-notified by the French government to the European Union (and still under review) within the framework of the hydrogen IPCEI[2].

On March 10, Elogen announced that it had been selected by Storengy to supply a 1 MW PEM electrolyser for the construction of a methanation unit for the Communauté d’Agglomération Pau Béarn Pyrénées (France).

On April 7, Elogen and Sarralle announced the signing of a collaboration agreement for the engineering, manufacture, supply and commissioning of green hydrogen generation equipment for the steel industry.    

Changes to the order book

On January 1, 2022, GTT’s order book excluding LNG as fuel comprised 161 units, and subsequently changed as follows:

  • 6 deliveries of LNG carriers
  • 34 LNG carrier orders

At March 31, 2022, the order book excluding LNG as fuel stood at 189 units, breaking down as follows: 

  • 165 LNG carriers
  • 6 ethane carriers 
  • 2 FSUs
  • 1 FLNG
  • 3 GBSs
  • 12 onshore storage tanks


Regarding LNG as fuel, with the deliveries of two ultra-large container ships and orders for 20 container ships, the order book stood at 50 units at March 31, 2022. 

Consolidated key figures for the first quarter of 2022

(in thousands of euros)

Q1 2021

Q1 2022










New builds




LNG carriers/VLEC
















Onshore storage tanks








LNG-powered vessels












Performance of business segments

Consolidated revenues for the first quarter of 2022 were €68.2 million, down 22.1% compared with the first quarter of 2021 when the cycle was still at its peak.

  • New-build revenues totalled €61.7 million, down 25.5%. The first quarter of 2021 still benefited from the 2020’s strong dynamic, while the first quarter of 2022 did not fully benefit from the numerous orders taken in 2021. 
    • Royalties from LNG and ethane carriers amounted to €53.8 million, while FLNG royalties totalled €0.7 million. 
    • Other royalties increased significantly compared to the first quarter of 2021. They were derived mainly from new business, including €3.6 million from FSUs6 €2.1 million from GBSs and €0.7 million from onshore storage tanks. LNG as fuel was the only segment to record a decline in revenues, down to €0.7 million, with 2021 order intake having little impact on first quarter 2022 revenues.  
  • Revenues generated by Elogen (electrolysers) decreased slightly compared with the same period last year.
  • Revenues from services came to €5.5 million, up 48.1% compared to the first quarter of 2021. Maintenance and assistance services for vessels in operation, as well as digital services, account for most of this growth. 

Exposure to Russia

On March 9, 2022, the Group issued a press release setting out its exposure to projects in Russia or dedicated to Russian projects. 

At April 21, 2022, the execution of these contracts continues to perform normally, in compliance with the applicable sanction regimes. 

In Russia, the Group is involved in the design of 3 GBSs as part of the Arctic LNG 2 project, in which PAO Novatek is participating, as well as in the design of tanks for 15 ice-breaker LNG carriers currently being built at the Zvezda Shipbuilding Complex (Zvezda). As of March 31, 2022, a total of €97 million is to be recognised for these projects by 2026, including €21 million in 2022.

Other orders in progress in Asian shipyards and specifically dedicated to Russian Arctic projects include 6 ice-breaker LNG carriers and 2 FSUs. At March 31, 2022, they represent an additional total of €48 million for GTT to be recognised by 2024, including €30 million in 2022. 

Lastly, 8 conventional LNG carriers ordered by international ship-owners, currently being built in Asian shipyards, are intended for Arctic LNG 2 projects but are able to operate in all types of conditions.

In view of the international sanctions currently in force, which are increasingly affecting LNG liquefaction projects in Russia, the continuation and proper performance of these contracts are subject to risks that the Group is unable to assess at this time. In particular, the Group notes that sanctions are liable to affect exports to Russia of certain products or equipment to be used in projects on which the Group is working, which may result in their deferrals or cancellations.



In its 2021 annual results press release dated February 17, 2022, the Group issued the following targets for 2022, assuming no significant order deferrals or cancellations:  

  • consolidated revenues between €290 million and €320 million,
  • 2022 consolidated EBITDA between €140 million and €170 million,
  • a dividend amount for the 2022 financial year at least equivalent to that proposed for the 2021 financial year.


Looking further ahead, the Group expects to benefit from the current robust order momentum. In this regard, the Group notes that the orders received since mid-2020 correspond to delivery dates spread mainly over the 2023-2025 period. As such, the Group expects to achieve significantly higher revenues and earnings from 2023 onwards than in 2022. 


The Group may have to revise its 2022 targets if the above risks regarding the Russian projects were to materialise.


This crisis also highlights the importance of gas requirements globally, the need for European countries to achieve energy independence in respect of Russia and, more specifically, the strategic importance of maritime transport of LNG, our core business. The Group therefore expects the current robust order momentum to continue.



Q1 2022 Activity update 

Philippe Berterottière, Chairman and Chief Executive Officer, and Virginie Aubagnac, Chief Financial Officer, will comment on GTT’s first quarter 2022 revenues and answer questions from the financial community during a conference call to be held in English at 6:15 p.m. Paris time on Thursday, April 21, 2022.

To participate in the conference call, please dial one of the following numbers five to ten minutes before the start of the conference:

  • France: + 33 1 70 95 03 46
  • United Kingdom: + 44 207 192 8338
  • United States: + 1 646 741 31 67

Confirmation code: 9792645

This conference call will also be broadcast live on GTT’s website ( in listen-only mode (webcast). The presentation document will be available on the website.

Financial agenda

  • Shareholders’ Meeting: May 31, 2022
  • Payment of the dividend balance (€1.75 per share) for the 2021 financial year: June 8, 2022
  • Publication of 2022 half-year results: July 29, 2022 (before start of trading)
  • 2022 third-quarter results: October 27, 2022 (after close of trading)

Investor relations contact: / +33 1 30 23 20 87

Media contact: / +33 1 30 23 20 43 

Important notice  

The figures presented here are those customarily used and communicated to the markets by GTT. This message includes forward-looking information and statements. Such statements include financial projections and estimates, the assumptions on which they are based, as well as statements about projects, objectives and expectations regarding future operations, profits, or services, or future performance. Although GTT management believes that these forward-looking statements are reasonable, investors and GTT shareholders should be aware that such forward-looking information and statements are subject to many risks and uncertainties that are generally difficult to predict and beyond the control of GTT, and may cause results and developments to differ significantly from those expressed, implied or predicted in the forwardlooking statements or information. Such risks include those explained or identified in the public documents filed by GTT with the French Financial Markets Authority (AMF – Autorité des Marchés Financiers), including those listed in the “Risk Factors” section of the GTT Registration Document filed with the AMF on 27 April 2021, and the half-year financial report released on 28 July 2021. Investors and GTT shareholders should note that if some or all of these risks are realised they may have a significant unfavourable impact on GTT.  

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[1] PCTC (Pure Car and Truck Carriers): carriers of light vehicles, trucks and rolling stock

[2] Important Project of Common European Interest

[3] Floating Storage Unit

[4] Floating Storage Regasification Unit

[5] Floating Liquefied Natural Gas unit

[6] Gravity Based Structures: underwater tanks