GTT: share price rises after new contracts

(CercleFinance.com) - Gaztransport & Technigaz (GTT) shares were up on the Paris Bourse on Wednesday, following the conclusion of new contracts with Korean shipyards.


Shortly before 12:30 p.m., the share gained around 0.8%, outperforming the SBF 120 index, which advanced more timidly by 0.2%.

GTT, which specializes in gas transport systems, announced last night that it had received two orders from Korean shipyards to design the tanks for eight new LNG carriers, on behalf of an unnamed shipowner.

The first order - placed by Korean shipyard Samsung Heavy Industries - is for the construction of four LNG carriers, each with a total capacity of 174,000 m3.

These will incorporate the 'Mark III Flex' membrane containment system developed by GTT, with deliveries scheduled between the second and third quarters of 2028.

The second order also concerns the construction of four LNG carriers, each with a total capacity of 174,000 m3 and to be fitted with a membrane containment system of the NO96 family, again developed by GTT.

Delivery of these vessels is scheduled between the second and fourth quarters of 2028.

In a note published yesterday, analysts at Oddo BHF welcomed the group's "secure outlook", reiterating their "outperform" opinion on the stock, with a price target of 170 euros.

In particular, the brokerage firm cited a change of governance "in line with continuity", with the arrival at the helm of Jean-Baptiste Choimet, the company's new CEO since June 12.

In terms of business, Oddo praised the company's "solid" growth vectors, but said it also sees a second pillar of development with possible diversification into hydrogen or digital services.

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