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French engineering company GTT (Gaztransport & Technigaz) - a leader in cryogenic membrane containment systems that has also developed membrane technology for LNG propulsion - has posted an increase in net income of 4,666 million euros, or 8.6 percent, during the first six months of 2015.

Net income was 58.895 million euros compared to 54.229 million euros during the first half of last year. Revenue from operating activities increased by 10.019 million euros, or 9.5 percent, to 114.947 million euros, up from 104.928 million euros.

During the first half of 2015, GTT received 28 orders for liquefied natural gas carriers (LNGCs) from three different shipyards. All the ships are to be equipped with the latest NO 96 GW and Mark III Flex technologies. Of these orders, five are for ice-breaking LNGCs used to ship LNG in extreme Arctic conditions.

One order from the U.S.-based Conrad shipyard is for an LNG bunker barge, which GTT describes as "the first of its kind built for the North American marine market".

The barge, whose design was entirely developed by GTT, is to be built using Mark III Flex cargo containment technology and equipped with a REACH4 bunker mast design, also developed by GTT, which the French firm says "guarantees easy, safe transfer of LNG fuel to the client vessel".

Two orders for floating storage regasification units (FSRUs) were also placed.

Commenting on the results, Philippe Berterottière, Chairman and Chief Executive Officer of GTT, said: "With an intake of 31 orders during the first half of 2015, we are pleased with the level of activity achieved in the first part of the year in a contrasted environment. Our order book is currently worth some 800 million euros in revenues out to 2020, giving GTT increased revenue visibility for the years ahead. The two cooperation agreements signed in the first half with two leading shipyards mark an important milestone in the industrialisation of our new Mark V technology and illustrate the momentum and validity of our innovation policy. The fall-off in first-half revenues can be put down to a high comparison base and time lag in shipbuilding milestones, and does not call our targets for the current financial year into question, i.e., a revenue level close to last year's and a net margin of around 50 percent."

In its forecast, GTT said it has "excellent revenue visibility" thanks to the size of its order book at June 30, 2015, which corresponds to revenues of around 800 million euros over the 2015-2020 period (210 million euros in 2015, 249 million euros in 2016, 187 million euros in 2017, 123 million euros in 2018, 25 million euros in 2019, and 4 million euros in 2020).

Image: LNG-powered bunker vessel designed by Gaztransport & Technigaz (GTT).