SYKESVILLE, Md. –
GSE Systems, Inc. (“GSE” or “the Company”) (NYSE MKT: GVP), the
world leader in real-time high-fidelity simulation systems and training
solutions to the power and process industries, today announced that it
has been awarded an expanded contract to implement a significant upgrade
to the control room station simulation system for EDF Energy’s Torness
nuclear power plant in the United Kingdom. The contract, modified in
December 2016, follows an initial award from EDF Energy in August 2016
for the design phase of the project. GSE expects the implementation
phase of the project to commence in mid-2017 and be completed within
three years. The Company ended 2016 with backlog of approximately $75
million, which is up over 56% from December 31, 2015.
The Torness station started generating electricity in 1988. In February
2016 EDF Energy announced it was extending the operating life of Torness
by seven years to 2030. As part of EDF Energy’s commitment to safety and
training, and an integral part of its training program accreditation
process, EDF Energy made the decision to upgrade the existing simulator
that was originally commissioned in 1988. The new simulation platform
takes advantage of today’s advanced modeling capabilities and will
provide a modern platform to extend the useful life of the simulator and
plant.
GSE will maintain the existing simulator instrumentation and control
panels while upgrading the computing system, all plant models and the
control systems on the simulator. The Company will use its
industry-leading JADETM suite of simulation tools to develop
modern and sustainable models for the Unit 1 control room simulator and
develop a new model for the Unit 2 plant. This will enable EDF Energy to
operate the simulators in an integrated fashion for a wide range of
training scenarios. In addition to the control room simulator, the
Company will provide classroom simulators and a debriefing room
simulator to enable students to take advantage of simulation technology
across a multitude of learning environments.
Kyle J. Loudermilk, Chief Executive Officer and President of GSE, said,
“We have a long standing relationship with EDF Energy and its
predecessor, British Energy, having worked on simulators for a number of
power stations and training facilities in the fleet. We are delighted
and honored to enhance the relationship by supporting EDF Energy’s
commitment to nuclear safety and training through the implementation and
use of GSE’s state-of-art simulation and training technology. Nuclear
power continues to play a critical role in the UK energy mix by
providing carbon free power generation. We are thrilled to be chosen by
EDF Energy to provide the simulation technology and services needed to
support their critical nuclear assets.”
ABOUT GSE SYSTEMS, INC.
GSE Systems, Inc. is a world leader in real-time high-fidelity
simulation, providing a wide range of simulation, training and
engineering solutions to the power and process industries. Its
comprehensive and modular solutions help customers achieve performance
excellence in design, training and operations. GSE’s products and
services are tailored to meet specific client requirements such as
scope, budget and timeline. The Company has over four decades of
experience, more than 1,100 installations, and hundreds of customers in
over 50 countries spanning the globe. GSE Systems is headquartered in
Sykesville (Baltimore), Maryland, with offices in Huntsville, Alabama;
Chennai, India; Nyköping, Sweden; Stockton-on-Tees, UK; and Beijing,
China. Information about GSE Systems is available at www.gses.com.
FORWARD LOOKING STATEMENTS
We make statements in this press release that are considered
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934. These statements reflect our current expectations
concerning future events and results. We use words such as “expect,”
“intend,” “believe,” “may,” “will,” “should,” “could,” “anticipate,” and
similar expressions to identify forward-looking statements, but their
absence does not mean a statement is not forward-looking. These
statements are not guarantees of our future performance and are subject
to risks, uncertainties, and other important factors that could cause
our actual performance or achievements to be materially different from
those we project. For a full discussion of these risks, uncertainties,
and factors, we encourage you to read our documents on file with the
Securities and Exchange Commission, including those set forth in our
periodic reports under the forward-looking statements and risk factors
sections.
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Company Contact
GSE Systems, Inc.
Chris Sorrells,
410-970-7802
Chief Operating Officer
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Senior Associate
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