SYKESVILLE, MD – October 1, 2014 – Global energy services solutions provider GSE Systems Inc. (NYSE MKT: GVP) (“GSE” or the “Company”) today announced the receipt of multiple contracts with an aggregate value of over $17.5 million. The new awards include nuclear, fossil, and oil and gas projects in Africa, Asia, Europe and North America.
These contracts were awarded during the third quarter of 2014, and are expected to be completed over the next six to twenty-four months.
In the nuclear power market, GSE received over $8.7 million in new awards for simulator upgrade and services projects in Asia, Europe and the USA. Simulator upgrade projects include the installation of GSE’s advanced RELAP5-HD™ code. In addition, the Company received a contract for additional on-site technical services at a U.S. Government engineering laboratory. GSE is working with the laboratory to build and test training devices, and has been under a series of service contracts at the site for the past 12 years.
In the fossil power simulation market, GSE received awards totalling over $4.9 million. The most significant are two awards for new, full-scope simulators. The first for a coal fired unit in the northeast U.S. and the second is for the construction of four simulators for a mid-west utility.
In the oil and gas industry, GSE received contracts totalling over $3.0 million. These include delivering the Company’s EnVision™ tutorials and simulators for the development of a new oil and gas training center in Kazakhstan, an Engineering and Operations Company in Nigeria, and a major oil refiner in Belgium.
The balance of the $17.5 million in awards was for a variety of engineering services, training and 3D visualization projects.
Jim Eberle, Chief Executive Officer of GSE, said, “A number of the delayed projects we have referenced over the last several quarters closed over the past month. It is encouraging to see the mix of awards across all major business sectors, both domestically and internationally. For some projects, we are venturing into new markets, while others reflect repeat business from long-time customers.”