French membrane system containment system designer GTT has started a search for a new chief executive.
Announcing its full-year results for 2023, GTT said: “As part of the separation of functions, the Board of Directors has worked actively over the past few months to identify a new chief executive officer.
“The process is underway and a communication will be made in the coming weeks.”
Current GTT chairman and CEO Philippe Berterottiere has headed up the company since 2009. The company previously said it will be splitting its CEO and chairman roles.
GTT’s net income for 2023 more than doubled, up 57% at €201.4m ($217m) from €128.3m a year earlier.
The company reported a jump of over 39% in its revenues for the year at €427.7m from €307.3m in 2022.
GTT said it benefitted from “the progressive increase in the number of LNG carriers under construction, the growth of its electrolyser business Elogen and its services sector.
Commenting on the results, Berterottiere said: “Continued strong demand for LNG, coupled with the construction of new liquefaction plants, will continue to fuel further demand for LNG carriers.
“In addition, with the ageing of fleets and the introduction of new environmental regulations, the replacement market is expected to grow in the coming years.”
During 2023 GTT received orders to design the cargo containment systems for 73 LNG vessels, two ethane carriers, two floating storage units and two onshore storage tanks.
As of 31 December 2023, GTT said its orderbook stood at 296 LNG vessels, four ethane carriers, one floating storage and regasification unit, one floating LNG (FLNG) production units and nine onshore storage tanks.
Separately GTT also won orders to design the cargo containment systems for 15 LNG-fuelled vessels, bringing its on-order total for this sector to 76 units.
In its results, GTT announced it had bought Danish company VPS (Vessel Performance Solutions) which specialises in vessel performance management.
VPS, which boasts 12 employees, was set up in 2014 by specialists in naval architecture and data science. It is based in Copenhagen, with a sales office in Athens, Greece.
“This acquisition completes the Group’s expertise in the field of smart shipping,” GTT said
In February 2024, GTT published its 2024-2026 Corporate Social Responsibility roadmap and submitted its CO2 emission reduction targets to the Science Based Targets initiative.
GTT said it has “very good visibility” on its core business, with €1,815m in cumulated revenues over the period from 2024 to 2029.
The company guided that its 2024 consolidated revenues are expected to be in the range of €600m to €640m range.
