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 contracts to provide mission-critical updates to
multi-unit nuclear site simulator platforms for customers in the UK and
Japan. The technical engineering and software solutions to be delivered
by GSE provide nuclear power plant operators with modern simulation
technology to train operators and provide assistance with complex
engineering problems that require solutions. These two projects add over
$6 million to the Company’s backlog and include options that could grow
backlog significantly further.
In the UK, the Company’s customer is committed to providing world-class,
accredited training programs to its operators and engineers. The scope
of GSE’s work includes deployment of a high-value, state-of-the-art
nuclear plant simulation system to replace legacy simulation models and
computer hardware delivered in the early 1990s. The project also
includes modeling a second unit of the plant so that site-wide event
training can be conducted, and providing greater access to a
high-fidelity training environment to more operators and engineers at
the plant.
In Japan, GSE will provide a key nuclear plant operator with a modern
simulator so that the customer may deliver more comprehensive training
to operators and engineers in the post-Fukushima environment. The scope
of work includes replacing all existing models of the customer’s
existing simulator. With this major upgrade, in addition to providing
new simulation capabilities to operators and engineers, the customer
will benefit from GSE’s long-term maintenance of the systems, allowing
for swift future technology upgrades required to meet evolving
post-Fukushima industry regulations.
Both projects utilize GSE’s JADE™ simulation software, the leading
high-fidelity nuclear power plant simulation software used for plant
design and operator training. JADE provides the global nuclear power
industry with a state-of-art software platform that simplifies creating
and maintaining accurate models of plant configuration as they exist
today and as the plants evolve through capital improvements over the
years.
Kyle J. Loudermilk, Chief Executive Officer and President of GSE, said,
“We are thrilled and honored to serve our customers on these critical
projects in the UK and Japan. These awards demonstrate the value we are
able to provide to our customers in key markets across the globe and
illustrate the growing importance of nuclear power as the world develops
economically viable sources of carbon-free electricity.
“Nuclear power is an increasingly important part of the UK’s energy mix
to satisfy the country’s demand for electricity while meeting
environmental commitments. The UK is looking to build new reactors in
the near and long term, including EPR, ABWR and SMR reactors. GSE
technology is ideal to simulate these systems as the UK develops a
robust workforce development program to staff and safely operate its
nuclear power assets.
“Japan, in turn, was heavily reliant on nuclear power prior to the
Fukushima nuclear plant event in 2011. The country is now restarting its
reactor fleet to generate carbon-free, economically efficient
electricity and to do so requires updated simulation capabilities like
those offered by GSE to reflect post-Fukushima design and operating
requirements. GSE’s talented staff, proprietary software and technology
platform, nuclear simulation know-how, creativity, and commitment to
customer satisfaction underpin our ability to deliver excellent
solutions in the UK, Japan and across the globe.”
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 St. Marys, Georgia;
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. We do not intend to update or revise any forward-looking
statements, whether as a result of new information, future events, or
otherwise.
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