GSE to Provide EnVision Solution to Petroleum Education Center in Kazakhstan
SYKESVILLE, MD – October 16, 2014 – Global energy services solutions provider GSE Systems, Inc. (NYSE MKT: GVP) (“GSE” or the “Company”) today announced that Specialized Petroleum Technologies, LLC (“SPT”), contracted with GSE to provide state-of-the-art training products and services to Kasipkor Holding’s Atyrau Petroleum Education Center in Kazakhstan. The SPT contract is among multiple new projects, with an aggregate value of $17.5 million, announced by GSE earlier this month.
The Atyrau Petroleum Education Center is an interregional center for training and retraining personnel in the oil and gas industry. The Center was established in the context of a world-class system of colleges by Kasipkor Holding. The main goal of Kasipkor Holding is to create a network of colleges that meet high international standards while implementing the world’s best practices for training and management in vocational and technical education (“VET”).
Under the SPT contract, GSE will provide a comprehensive training program to teach students fundamental sciences, process controls and other oil and gas technologies. GSE’s program includes a combination of computer-based tutorials, 2D and 3D visualization of key equipment for oil production and refining, exercise guides and comprehensive documentation. Specific tutorials and simulators include process equipment fundamentals, process controls, distillation, compressors, gas oil separation, amine treating, and glycol dehydration. In addition, GSE will provide basic refining simulators for common equipment such as furnaces, boilers and crude distillation units. The goal is to provide trained resources to support the growing oil and gas industry in Kazakhstan and internationally. To achieve the goal, all classes are being taught in English.
Kasipkor Holdings CEO, Eldana Sadvakassova, said, “Education of our workforce is a key strategic initiative for Kazakhstan. This program will not only help provide a trained workforce that can support the needs of Kazakhstan but also allow our young citizens to compete on the global market. To achieve this goal we are establishing a world-class training program, and Specialized Petroleum Technologies and GSE are key partners in realizing our vision.”
About GSE Systems, Inc.
GSE 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; Glasgow, UK; and Beijing, China.
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,” “anticipates,” 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.