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GTT signs a cooperation agreement aiming at the industrialisation of its Mark V technology

GTT signs a cooperation agreement aiming at the industrialisation of its Mark V technology

GTT, the world leader in the design of membrane containment systems for the maritime transportation and storage of LNG (Liquefied Natural Gas) announces the signature of a cooperation agreement with the South Korean shipbuilder Samsung Heavy Industries in order to industrialize its new Mark V technology.

This agreement includes the building by the shipbuilder of a mock up dedicated to final developments and related tests. Another cooperation agreement is being finalized with Hyundai Heavy Industries.

These two partnerships will allow the commercialization of the Mark V technology during 2015.After some few years of research and development, the Mark V technology is an optimized version of the Mark III system and its sister Mark III Flex. As of December 31st 2014, 146 Liquefied Natural Gas Carriers (LNGCs) were equipped with these two systems.

The Mark V technology received Approvals in Principal (AIPs) from major classification societies.As with the Mark III and Mark III Flex, the Mark V technology is composed of a double insulation with reinforced polyurethane foam. The new system also includes an innovative iron-nickel alloy corrugated secondary membrane and offers significant improvement of the warranted daily boil off rate.

Philippe Berterottière, Chairman and CEO of GTT, declared: "These agreements illustrate the quality of the partnership we have with the shipyards and high trust they give to our technologies. Mark V is the outcome of GTT's continuous innovation dynamics dedicated to the LNG industry. We are very pleased to have reached this important step for its introduction to the market".