• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

GSE Systems Awarded Nuclear and Energy Refining Sector Contracts; Plant Simulation Models Delivered and Acceptance Testing Completed for PBMR Ltd's Nuclear Pebble Bed Modular Reactor Project

Posted on: Wednesday, 5 July 2006, 12:00 CDT

GSE Systems, Inc. (GSE) (Amex:GVP), a leading global provider of real-time simulation and training solutions to the power, process, manufacturing and Government sectors, announced the award of multiple contracts totaling in excess of $2 million in the nuclear and energy refining market sectors.

In the nuclear market, the Company signed a contract to simulate the plant computer system at the South Ukraine nuclear power plant. The Company has provided all eight of the full scope nuclear simulators operating in the Ukraine. These simulators serve the 15 operating nuclear plants in that country. The Ukraine expects to build an additional 11 nuclear plants by the year 2030. Contracts were also recently signed to provide advanced engineering services to several European, Asian and American nuclear customers including model upgrades and computer rehosting services.

In addition, the Company successfully completed the Site Acceptance Testing for recently delivered simulation models for the nuclear Pebble Bed Modular Reactor (PBMR) simulator for PBMR Ltd in South Africa. As a result, PBMR Ltd has now purchased additional model enhancements and has entered into a long-term simulator maintenance agreement with the Company. GSE was chosen in April of 2005 to support PBMR Ltd's PBMR program because of its long-term commitment to the nuclear power industry, superior technology, cost-effectiveness, and its world leading installed base of nuclear plant simulators.

The PBMR is a new type of high temperature helium gas cooled nuclear reactor. It has design features and safety systems that make the PBMR design inherently safe and reliable. The PBMR commercial reactors are being designed to produce 165 Megawatts (MW) each, which means that 40,000 average homes could be sustained by one such reactor. More than one PBMR can be located in a given facility thus creating energy parks. It is possible for a PBMR energy park to consist of up to eight reactors which could share a common control center. This allows sequential construction of reactors to match user's growth requirements. Eight PBMR reactors housed in one energy park could produce 1320 MW and would occupy an area no larger than two football fields.

In the conventional energy sector, Statoil of Norway awarded GSE a contract to simulate its Delayed Coker process for the Mongstad refinery in southern Norway. This contract continues the company's long standing business relationship with Statoil and its oil refining and processing units that started in the mid 1980s.

Mr. John Moran, Chief Executive Officer for GSE, said "These contracts are significant for GSE for several reasons in addition to their monetary value. All represent repeat business from existing customers. We take great pride in our customer service and industry leading technology. Repeat business is one of the metrics we use to evaluate our effectiveness in these areas. Our selection by PBMR Ltd to support their development and simulation needs for the PBMR reactor design as well as our selection by Westinghouse Electric Company LLC to be their preferred vendor for simulation development for their new AP 1000 reactor design clearly validates our position as a leading global provider of real-time simulation and training solutions to the nuclear power industry."

GSE Systems, Inc. provides training simulators and educational solutions. The company has over three decades of experience, over 265 installations, and 100 customers in more than 25 countries. Our software, hardware and integrated training solutions leverage proven technologies to deliver real-world business advantages to the energy, process, manufacturing and Government sectors worldwide. GSE Systems is headquartered in Baltimore, Maryland. Our global locations include offices in St. Marys, Georgia, Sweden, and China. Information about GSE Systems is available via the Internet at http://www.gses.com.

This news release contains forward-looking statements that involve risks and uncertainties. We use words such as "expects", "intends" and "anticipates" to indicate forward looking statements. The actual future results of GSE Systems may differ materially due to a number of factors, including but not limited to, delays in introduction of products or enhancements, size and timing of individual orders, rapid technological changes, market acceptance of new products and competition. These and other factors are more fully discussed in the Company's annual report, and in statements filed with the Securities and Exchange Commission.

If any one or more of these expectations and assumptions proves incorrect, actual results will likely differ materially from those contemplated by the forward-looking statements. Even if all of the foregoing assumptions and expectations prove correct, actual results may still differ materially from those expressed in the forward-looking statements as a result of factors we may not anticipate or that may be beyond our control. While we cannot assess the future impact that any of these differences could have on our business, financial condition, results of operations and cash flows or the market price of shares of our common stock, the differences could be significant. We do not undertake to update any forward-looking statements made by us.

Source: Business Wire

More News in this Category