Boston, MA 10/02/2014 (wallstreetpr) – GSE Systems, Inc. (NYSEMKT:GVP) announced that it has been awarded multiple contracts with an aggregate value of more than $17.5 million. The company indicated that the contracts were for oil and gas, fossil and nuclear segments.
Completion Of Contract
The company said that the contracts were received during the third quarter, which ended a couple of days back, its statement revealed. It expects to complete the contract in the next six months to two years.
GSE Systems, Inc. (NYSEMKT:GVP) said that it was awarded more than $8.7 million new contracts in the nuclear power market for upgrading simulator and service projects in the U.S., Europe and Asia. It pointed out that upgrading of simulator projects included its advanced RELAP5-HDTM code installation.
This apart, it has been awarded a contract at the government engineering laboratory of the U.S. for additional on-site technical services. For the last 12 years, the company has been working with the laboratory through a series of service contracts and the latest one was to establish and test training gadgets.
Fossil and Oil & Gas Segments
The company has received contracts of more than $4.9 million from the fossil power simulation market. Significantly, the award included two new, full-scope simulators. While the first was meant for a coal-fired facility in the northeast U.S., the second was for the building up of four simulators for a mid-west facility.
Similarly, GSE Systems, Inc. (NYSEMKT:GVP) received contractors worth more than $3.0 million from the oil and gas industry. This included delivering its EnVisionTM simulators and tutorials for the development of an engineering operations company in Nigeria, oil and gas training hub in Kazakhstan, and a big oil refiner in Belgium.
The remaining contract was for different engineering services and training besides 3D visualization projects.
CEO Comments
The GSE Systems, Inc. (NYSEMKT:GVP)’s CEO, Jim Eberle, said that while some of the projects allowed the company to venture into fresh markets, other projects represented repeat business from its regular customers. He also said that it was an encouraging sign to get mixture of awards in all its business segments.
