Leading French tank design specialist GTT is involved in Russia in the tank design of 15 ice-breaking LNG carriers under construction by the Zvezda Shipbuilding Complex, as well as in the design of three GBSs1 for Saren B.V.2. Following an in-depth analysis of European sanction packages N° 8 and 9 notably prohibiting engineering services with Russian companies, the Group announces that it is ceasing its activities in Russia. As of January 8, 2023, the contract with Zvezda will be suspended and GTT's interventions will be limited, on the two most advanced LNG carriers, to ensuring the safety of the projects and the integrity of the technology, in compliance with the international sanctions in force. With regards to the GBS projects, the terms of GTT's departure are currently being finalised. These elements will have a financial impact mainly from 2023. GTT's order book will no longer include projects in Russia in the future. In addition, from 2023 onwards, the Group's annual targets will exclude the revenues and EBITDA that would be generated by the last services in progress in Russia.
Leading French tank design specialist GTT is involved in Russia in the tank design of 15 ice-breaking LNG carriers under construction by the Zvezda Shipbuilding Complex, as well as in the design of three GBSs1 for Saren B.V.2. Following an in-depth analysis of European sanction packages N° 8 and 9 notably prohibiting engineering services with Russian companies, the Group announces that it is ceasing its activities in Russia. As of January 8, 2023, the contract with Zvezda will be suspended and GTT's interventions will be limited, on the two most advanced LNG carriers, to ensuring the safety of the projects and the integrity of the technology, in compliance with the international sanctions in force. With regards to the GBS projects, the terms of GTT's departure are currently being finalised. These elements will have a financial impact mainly from 2023. GTT's order book will no longer include projects in Russia in the future. In addition, from 2023 onwards, the Group's annual targets will exclude the revenues and EBITDA that would be generated by the last services in progress in Russia.
