GSE Systems Awarded $8 Million to Update Simulators in Slovakia and Korea
COLUMBIA, MD – August 15, 2018– GSE Systems, Inc. (“GSE” or “the Company”) (Nasdaq: GVP), a leading provider of professional and technical engineering, staffing services, and simulation software to clients in the power and process industries, today announced receipt of two contracts to update nuclear power plant simulators in Slovakia and Korea.
The first contract is from Slovenské Elektrárne a.s. to update the Mochovce unit 3&4 simulator, with GSE as the prime contractor for the project. Slovenské Elektrárne is completing construction of two VVER-440 reactors at the Mochovce site in Slovakia. GSE won an international competition to provide the new full scope simulator in 2009 and delivered the simulator in 2013. It has been in use for enhanced training by plant operators, enabling them to become familiar with the new plant design and operating schemes. As the plant nears commissioning, the simulator needs to be updated to reflect the final, as-built design. The value of the contract is approximately $6.5 million and will be implemented over a 16-month schedule. Mochovce is a VVER-440 plant design with a modern Siemens/Areva control system. Mochovce Unit 3 is scheduled to go on line in 2019.
The second contract is with Greatus Co. Ltd, in Seoul, Korea, to upgrade Korea Hydro & Nuclear Power Company’s Kori Unit 2 simulator. Kori Unit 2 originally was built by GSE and Samsung Electronics in 1998 and upgraded in 2006. The new project will update the plant models to GSE’s latest technology, including the JADE™ simulation platform along with RELAP5-HD®, REMARK™ and PSA-HD™ to model the reactor core and thermohydraulic systems as well as severe accident scenarios. The Kori Unit 2 simulator award is worth approximately $1.5 million and will be implemented over the next 17 months.
Kyle Loudermilk, GSE’s President and CEO, said, “We are grateful for the collaboration with Slovenské Electrárne, which began with the delivery of the Mochovce Unit 1&2 simulator in 1997 and continues to this day. This project demonstrates GSE’s ability to deliver our solutions globally, on any reactor type, building successful relationships for the long term. Delivery of the simulator solution prior to plant commissioning provides the client valuable insights into the plant controls and allows operators to gain a thorough understanding of this unique plant.”
Mr. Loudermilk added, “Clients in Korea are seeing the value of our simulation technology and in particular our RELAP5-HD and PSA-HD solutions. This is the seventh full scope simulator in Korea to upgrade to GSE’s latest technology for critical simulation and training needs.”
About GSE Systems, Inc.
GSE Systems, Inc. is a leading provider of engineering, expert staffing and simulation software to clients in the power and process industries. GSE’s products and services are tailored to help customers achieve performance excellence in design, training, compliance, and operations. 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 Maryland, with offices in Alabama, Florida, Colorado, Texas, and Beijing, China. Information about GSE Systems is available at www.gses.com.
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Chief Executive Officer
GSE Systems, Inc.
The Equity Group Inc.
Kalle Ahl, CFA