Gran Tierra Regulatory News (GTE)

3 Mar 2008 07:02

Gas Turbine Efficiency PLC03 March 2008 3 March 2008 Gas Turbine Efficiency plc ("GTE" or "the Group") GTE wins $6.3m in new contracts, boosting total order book by 66% to $14m Gas Turbine Efficiency plc, a leading provider of advanced systems to enhancethe performance of aviation and industrial turbines, is pleased to announce thatit has continued to experience robust trading and strong momentum in demandacross all product categories since its last trading update provided on 23January 2008. The Group has won a total $6.3m in new orders in the aviation and industrialsegments as the soaring cost of fuel and increasing global pressure to reducecarbon emissions prompt turbine operators and Original Equipment Manufacturersto adopt value-added solutions such as those provided by GTE. As a result, the Group's current total order backlog for 2008 has increased to$14m, representing a 66% increase compared with the same time last year (2007:$8.4m) and an 82% increase on the $7.7m backlog reported on 23 January 2008. Aviation SegmentThe new orders referred to above include contracts of $3m from Pratt & Whitney,GTE's exclusive long term global partner in the aviation sector. Underlyingdemand drivers in this segment have continued to strengthen as an increasingnumber of aircraft operators focus on achieving significant fuel efficienciesand environmental benefits. These systems can reduce fuel burn by as much as 1percent and increase exhaust gas temperature margin by as much as 15 degrees C.According to Pratt & Whitney, Singapore Airlines is expected to save close to$15m in fuel costs and reduce CO2 emissions by 128 million pounds by using Pratt& Whitney Global Services' EcoPower(R) wash services for its entire aircraftfleet. Industrial SegmentDemand for GTE's solutions has also continued to increase rapidly in theindustrial segment, resulting in a 176% increase in orders to $8.1m in thissegment compared with the same time last year. The strong growth is due to ahigh level of investment by power generation, oil and gas and infrastructureproviders in new technology that reduces turbine downtime while boosting fuelefficiency and flexibility to burn a wider variety and quality of fuels. Neworders won in the industrial segment include a $0.8m contract from a leadingelectricity generator in Kuwait. This is the largest single order won by GTE inthe Middle East and exceeds GTE's total sales in the region in the past threeyears. The strengthening order book provides excellent visibility to GTE's prospectsfor 2008 and reinforces its strategy to align with the critical long termindustry growth drivers including: •Increased energy demand and need for infrastructure solutions •Rising fuel costs and need for efficiency solutions •Strengthening environmental regulatory frameworks •Fuel diversity challenges as industry moves toward alternate fuel sources. Steven Zwolinski, chief executive of GTE, commented: "The strong foundationalgrowth initiatives implemented by the Group over the past two years arebeginning to yield results in the global $8-10bn energy services marketplace. Wehave continued to maintain strong momentum of trading by further strengtheningthe order book and we look forward to the future with great confidence." Enquiries: Gas Turbine Efficiency plcSteven Zwolinski, CEO +46 8 546 10 528 Libertas CapitalAamir Quraishi, Matthew Hindhaugh +44 20 7569 9650 Corfin CommunicationsNeil Thapar, Harry Chathli, Alexis Gore +44 20 7977 0020 About GTE Gas Turbine Efficiency plc, whose shares are traded on London Stock Exchange'sAIM market (Ticker: GTE), designs, manufactures and markets advanced integratedsolutions for environmental, process and asset optimization of gas turbinesprimarily in the aviation, industrial and oil & gas sectors. These solutionsinclude compressor cleaning systems, performance monitoring, fuels management,OEM approved combustion design and repair services and fluid and controlsub-systems that improve turbine performance and availability, fuel efficiencyand parts life, resulting in increased profits for its clients and a cleanerenvironment. The Group sells its products to blue chip customers worldwide fromoperational centres in Europe and the USA. This information is provided by RNS The company news service from the London Stock Exchange