GTT acquires Icelandic company Marorka, an expert in Smart Shipping
GTT announces the acquisition of 100% of the share capital of Marorka from its owners and management team, the company said in its release. Based in Iceland and specialized in Smart Shipping, the company designs maritime energy monitoring and optimization systems for vessels, allowing them to reduce their environmental footprint. The company’s systems have been installed on more than 600 vessels.
The shipping industry has started its environmental transition in January 2020, when a new IMO regulation entered into force, imposing significant reductions in sulphur oxide emissions. The IMO has furthermore announced a long-term “low-carbon” strategy, including ambitious decarbonisation targets. In addition to using LNG as a marine fuel, achieving those objectives will necessarily require smart software technologies and operational data analysis.
With more than 17 years of experience, Marorka has developed a recognized technical platform and value added applications. Marorka is a good technical, commercial and geographical complement to Ascenz, GTT’s subsidiary based in Singapore, and represents a new milestone in the Group’s digital strategy.
Funded in cash, the transaction will have no significant impact on the Group’s financial structure. The previous owners will continue to manage the company and will notably contribute their know-how and experience to the Group’s digital strategy.
About GTT
GTT (Gaztransport & Technigaz) is an engineering company expert in containment systems with cryogenic membranes used to transport and store liquefied gas, in particular LNG (Liquefied Natural Gas). For over 50 years, GTT has been maintaining reliable relationships with all stakeholders of the gas industry (shipyards, shipowners, gas companies, terminal operators, classification societies). The company designs and provides technologies which combine operational efficiency and safety, to equip LNG carriers, floating terminals, and multi-gas carriers. GTT also develops solutions dedicated to land storage and to the use of LNG as fuel for the vessel propulsion, as well as a full range of services.
