GTT Announces the Launch of a New Phase of Development of its Mark V Technology

GTT regularly introduces improved versions of its membrane containment systems in order to respond to the continuous evolution of market requirements. While remaining fully confident in the potential of the Mark V technology, GTT has decided to re-validate some aspects of the system after the discovery of a technical concern. This may result in a delay in its general availability to the market.

GTT also recognizes that today's market conditions and LNG prices are not propitious to the general application of the current version of Mark V, considering the incremental cost of the system compared to GTT's other technologies. The company will therefore use this additional time to seek improvements in the cost of this system.

Philippe Berterottière, CEO of GTT, stated: "We are working with all our customers who have considered using Mark V, both to discuss the timing of the modification to this new system and other containment options, including our recently introduced Mark III Flex technology improved version."

About GTT

GTT (Gaztransport & Technigaz) is an engineering company expert in containment systems with cryogenic membranes used to transport and store liquefied gas, in particular LNG (Liquefied Natural Gas). For over 50 years, GTT has been maintaining reliable relationships with all stakeholders of the gas industry (shipyards, shipowners, gas companies, terminal operators, classification societies). The company designs and provides technologies which combine operational efficiency and safety, to equip LNG carriers, floating terminals, and multi-gas carriers. GTT also develops solutions dedicated to land storage and to the use of LNG as fuel for the vessel propulsion, as well as a full range of services.

GTT is listed on Euronext Paris, Compartment A (ISIN FR0011726835 Euronext Paris: GTT) and is notably included in SBF 120 and MSCI Small Cap indices.

For more information, visit www.gtt.fr.