GSE Systems, Inc. (“GSE” or “the Company”) (NYSE Amex: GVP), a global energy services solutions provider, today announced new contracts valued at approximately $10.1 million involving nuclear, fossil, and process simulation, 3D Visualization, training, and engineering services. Each of these projects was awarded during the fourth quarter of 2011.
Jim Eberle, Chief Executive Officer of GSE, commented, “We believe that these awards validate our core operating thesis that, as energy demand continues to rise, the looming shortage of qualified energy operations professionals – many of whom are at or near retirement age - remains a growing industry concern. GSE’s diverse, and still evolving, portfolio of products and services support the global energy industry in addressing this constraint.”
The $10.1 million in new projects are comprised of:
- $5.9 million in contracts for four new, conventional (non-nuclear) full-scope plant simulators at facilities in Saudi Arabia, the United States, and the United Kingdom. These projects will be executed over the next 12-24 months;
- $2.1 million in nuclear projects, including a major simulator modification for an existing domestic customer, the sale of 3D Visualization and VPanel solutions, and contracted training programs for domestic nuclear utilities;
- $0.8 million in contracts for the process industry, including computer based learning modules, as well as customized and generic simulators for petrochemical refining, and nuclear waste processing customers; and
- $1.3 million in engineering services and training contracts consisting of awards to GSE TAS Engineering Consultants by a variety of customers throughout Europe, and the sale of GSE’s Generic Pressurized Water Reactor (GPWR) and Instructor-led training services to a university in the UK and a US nuclear utility, respectively.
Mr. Eberle concluded, “We are especially pleased to see the increase in conventional (non-nuclear) awards and that the majority of these new projects were generated from customers overseas. These awards bring total bookings in Q4 2011 to $16.07 million, $5.9 million of which was previously disclosed.”