GSE Announces Over $7 Million in Nuclear Sector Simulation Awards
Maryland, July 29, 2010–GSE Systems, Inc. (GSE) (NYSE 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 approximately $7 million of new work in its nuclear simulation sector. Included in the awards is a contract to construct a Westinghouse AP1000(R) plant simulator for Southern Nuclear’s Vogtle site located in Georgia and a contract for the remaining value of the Haiyang AP1000 TM simulator in China. In addition, the Company received awards for upgrade services from the U.S. Nuclear Regulatory Commission.
On July 30, 2009, the Company announced the award to build simulation models to assist Westinghouse with the AP1000 design finalization. That work formed the basis for the domestic AP1000 plant simulator designs. This new award is to develop a simulator that is specific to the unique characteristics of the Vogtle plant site.
On April 14, 2008, the Company announced the award of a contract to engineer and construct an AP1000 simulator in Haiyang, China. The contract award was based upon the Haiyang and Sanmen plants being nearly identical designs. As the Haiyang design progressed it deviated from Sanmen and the recent contract is for GSE to implement the “uncommon” design features of Haiyang.
In addition to the AP1000 simulator awards, the Company was awarded a contract by the U.S. Nuclear Regulatory Commission to upgrade one of the simulators operated by the NRC at its Chattanooga Training Center. The contract includes new computer systems and the implementation of the Company’s RELAP5-HD reactor core thermo-hydraulic simulation code.
