It has been an exciting year at GSE
In the nuclear market, the year started off with one of the single largest simulation project awards in the past 20 years, to build three new full-scope duplicate simulators for a major US utility. Since then, GSE has continued to add to its backlog of work with new nuclear projects in Japan, UK, US, and Korea. Combined we received over 70 nuclear simulation contract actions spanning a range of products and services including high-fidelity thermo-hydraulic model upgrades, severe accident models, enhanced electrical systems models, GPWR™ generic simulators, new audio/video systems, and VPanel™ glass-top simulators.
The thermal power market saw some tailwinds in 2016 with awards for 6 new full-scope simulators and over 40 other modifications, updates and retune projects. Despite low oil prices, we added several new customers for our EnVision product line and established a reseller arrangement with a highly regarded firm in the Gulf region.
GSE Systems Ltd secured one of its largest contracts to date for a design and build project to install new flammable gas detection and overfill protection systems to a number of storage tanks located on multiple sites across the UK. The project also included Functional Safety documentation to underpin the required safety case. We continue to support our clients with consultancy based Engineering services delivering DSEAR Risk Assessments, Arc Flash Assessments and Electrical Systems Management.
Our Hyperspring subsidiary continued its strong performance providing training support and turnkey training programs including instructors for numerous licensed operator classes, ACAD courses, mechanical and I&C courses as well as turnkey Generic Fundamentals Exam (GFES) and SRO Certification courses both domestically and internationally. Hyperspring was also able to expand its customer base by providing specialized plant services to some new domestic nuclear customers.
The GSE R&D team increased its cadence of product releases for our JADE suite of simulation development tools, providing new features to make simulator modification and development more efficient for our client software users. And, the team released several new simulation modules and tutorials for the process industry. Both of these initiatives have led to an uptick in customers signing up for annual software maintenance so they can take advantage of these new capabilities.
For outreach, in May we launched the GSE Performance Improvement Blog as a way of providing insights and perspectives on issues and trends facing our customer base in both Simulation & Training and Engineering Design & HSE. Topics have included the benefits of virtual commissioning, post-Fukushima responses, structured approaches for developing a new workforce and electrical safety.
Each industry we serve has its challenges as both electricity and oil prices are low. However, this has led industry to find innovative ways to create value. Leveraging GSE simulation technology beyond traditional training applications and creating an opportunity for GSE to add value for its customers by using our technology to optimize costs, the key objective of Delivering the Nuclear Promise. Positive legislative actions that support continued operations for plants around the country as well as initiatives in SMR technologies such as NuScale have been passed in 2016 and provide a template for others to follow.
We end the year on a strong financial footing ready to serve and innovate for our customers. As publicly reported, GSE is delivering positive earnings, maintains a strong balance sheet, and doubled the stock price since Jan 1. We’d like to thank all of our customers and stakeholders and look forward to meeting your challenges in the new year. Your success is our brand.
Software Updates: 2016 review and looking ahead to 2017
The software team at GSE has been very busy this past year making updates to our products that make our tools easier to use for our customers and improving our agile software development process.
A few of the highlights for our software improvements in 2016 include:
- New option to choose which JTopmeret version you want to use to generate your model code
- More detailed modeling of equipment to improve realism
- More accurate temperature profiles in key regions of the plant and during critical procedures and transient events
- Improved configuration control and maintainability
- New tools in JStation Instructor to make Instructors’ jobs easier
- Faster model development and debugging
As we look forward to 2017, our engineering & software development team is focused on enhancing the GSE platform experience beyond it’s current capabilities and we look forward to engaging with you along the way. We welcome your feedback! Please do not hesitate to reach out to us at any time at email@example.com. Our goal is to provide better services and solutions to you…our customer.
In 2017 we will strive to continually improve our products and provide our software maintenance agreement customers with quarterly releases. View our infographic to see how the GSE maintenance plan works.
2016 has been a busy development year for our EnVision product line of Universal Simulations and computer-based tutorials. User interface updates and training administration tools have made it easier for our users to navigate the online tutorials, while the new greyscale interface for the simulations better represents modern digital control systems.
Check out the below video for a recap of these new features.
Also new in late 2016 is our release of several new products:
- Gas Fired Balanced-Draft Furnace Simulation
- Integrated Sulfur Recovery Unit and Tail Gas Training Unit
- NGL Fractionation Simulation
- Instrumentation Tutorial
Contact us for a more comprehensive list of product enhancements and a product demo.
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