GTT & CMHI Sign Agreement For Containment Systems

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  • GTT and China Merchant Industry Holdings have been cooperating for a decade, with the first Technical Service Agreement signed in 2013 for the maintenance and repair of LNGCs.
  • We expect the new stage of this partnership to be a real success both in the LNG carrier construction and in the LNG-fuelled market as the shipyard is renowned for its variety of vessel constructions.
  • GTT is listed on Euronext Paris, Compartment A (ISIN FR0011726835 Euronext Paris: GTT) and is notably included in SBF 120, Stoxx Europe 600 and MSCI Small Cap indices.

A Technical Assistance and License Agreement for the development of GTT membrane containment systems are signed by GTT and China Merchants Heavy Industries as reported by Global News Wire.

Building vessels

China Merchants Heavy Industries-Jiangsu (CMHI-Jiangsu), a division of China Merchants Industry Holdings (CMI), one of the top three Chinese shipbuilding companies, and GTT have signed a Technical Assistance and License Agreement that will allow the yard to build vessels using GTT membrane technologies.

Since 2010, GTT and China Merchant Industry Holdings have worked together, and in 2013, the first Technical Service Agreement for the upkeep and repair of LNGCs was inked. Additionally, a collaboration agreement was started in 2016 for the examination of CMHI to use GTT technologies. As the shipyard now has a licence to build large-capacity LNG carriers, this Technical Assistance and License Agreement ushers in a new phase in the relationship between the two businesses.

CMHI-Jiangsu started the licencing procedure earlier this year and completed it successfully on October 10 at the mock-up completion ceremony.

Philippe Berterottière, Chairman and CEO of GTT, declared: “It is an honour for us to continue working with China Merchants Heavy Industries, one of China’s biggest shipyards. Given that the shipyard is recognised for its wide range of vessel constructions, we anticipate that the new phase of this relationship will be a great success both in the LNG carrier building and in the market for LNG-fueled vehicles.”

Simple Hu, General Manager of China Merchants Industry Holdings (CMI), declared: “We are grateful for the cooperation and confidence the GTT Group has shown in us. We are already familiar with GTT’s technology, and we’re determined to combine them with our knowledge of shipbuilding to create huge LNG carriers like the FSU1, FSRU2, FLNG3, and VLEC4 as well as LNG-fueled merchant boats. With our other shipyards as well, we hope to further strengthen our partnership with GTT.”

 

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Source: Global News Wire

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