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GSE Systems, Inc. (“GSE” or “the Company”) (NYSE Amex: GVP), a global energy services solutions provider, today announced new contracts valued at approximately $8.0 million involving nuclear, fossil, and process simulation, tutorials, and consulting services. Each of these projects was awarded during the first quarter of 2012.
Jim Eberle, Chief Executive Officer of GSE, commented, “We believe that these awards evidence the breadth of our energy services solutions portfolio, reflect our global reach, and 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.”
The $8.0 million in new projects are comprised of:
$3.8 million in contracts for a nuclear plant simulation upgrade in Ukraine using RELAP5-HD and an advanced VVER-1000 core model, plus other modifications to simulators in Sweden and Japan;
$2.5 million of fossil projects, consisting of a major plant simulator upgrade in South Africa, along with other fossil projects in Korea and the United States;
$1.1 million in contracts for process simulation applications in the United States and Saudi Arabia, as well as the sale of simulation and computer-based learning modules to a GSE EnVision, Inc. global refining customer; and
$0.6 million of awards to GSE TAS Engineering Consultants, the majority coming from key customers in France and the United Kingdom .
ABOUT GSE SYSTEMS, INC.
GSE Systems, Inc. provides a wide range of simulation and training solutions to the global energy (nuclear and non-nuclear) industry, and is the world leader in nuclear simulation. The Company has over four decades of experience, more than 1,000 installations, and hundreds of customers in over 50 countries spanning the globe. Our software, hardware and integrated training solutions leverage proven technologies to deliver real-world business advantages to the energy, process, manufacturing and government sectors worldwide. GSE Systems is headquartered in Sykesville (Baltimore), Maryland, with offices in St. Marys, Georgia; Tarrytown, New York; Madison, New Jersey; Cary, North Carolina; Chennai, India; Nyköping, Sweden; Stockton-on-Tees, UK; and Beijing, China. Information about GSE Systems is available via the Internet at
FORWARD LOOKING STATEMENTS
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