GSE Awarded Over $4.6 Million in New Contracts Projects Span Major Energy Markets
SYKESVILLE, MD – November 2, 2015 – GSE Systems Inc. (NYSE MKT: GVP) (“GSE” or the “Company”) a global energy industry performance improvement company, today announced the receipt of multiple contracts with an aggregate value of over $4.6 million. The new awards include nuclear, fossil, and oil and gas projects primarily in Asia and North America. These contracts were awarded since September 1, 2015, and are expected to be completed over the next six to twenty-four months.
In the nuclear power market, GSE received over $4.0 million in new awards for simulator upgrade and services projects. Simulator upgrade projects include an upgrade for the Hanul 1 nuclear power plant simulator in South Korea, and in China a project was awarded for the use of GSE’s simulation technology and expert engineering services to aid the verification and validation of the conventional island systems design of the Chinese CAP 1400 nuclear power plants. Domestically, GSE received a contract for an upgrade to a full scope simulator for a southern utility as well as an additional on-site technical services contract through its Hyperspring subsidiary for a US nuclear plant. Additionally, GSE received an extension of on-going work in nuclear waste reprocessing for a US national laboratory.
In the fossil power simulation market, GSE received awards exceeding $300,000 for a collection of simulator upgrade services, maintenance programs and software licenses.
In the oil and gas industry, GSE received contracts exceeding $360,000. These include delivering the Company’s EnVision tutorials and simulators and simulator upgrades.
Kyle Loudermilk, President & Chief Executive Officer of GSE, said, “I am pleased at the market recognition of our technology and value added services. We are excited to serve our customers as a result of being awarded this business for key engineering and training projects around the globe.”