GSE Systems to Provide Up to $35 Million of Nuclear Operations Support Services to Major US Utility
SYKESVILLE, Md. – August 28, 2015 – GSE Systems, Inc. (NYSE MKT: GVP) (“GSE”), the global energy industry performance improvement company, today announced that its Hyperspring LLC subsidiary has been awarded a contract for the continuation of Nuclear Operations support services in the form of providing Nuclear Operations Instructors at a major nuclear utility in the southern United States. The on-call services contract allows for total payment up to $35 million to GSE over the three-year contract term. Instructor tasks include leading the development, maintenance and conduct of training and qualification activities to ensure operators and shift technical advisor qualifications meet regulatory and accreditation requirements.
For the year ended December 31, 2014 and the six-month period ended June 30, 2015, Hyperspring generated revenues from this utility of $11.1 million and $5.3 million, respectively.
Paul Abbott, President of Hyperspring LLC said, “This contract is a continuation of a long standing relationship with the utility customer and reflects their satisfaction with the quality of services we have provided. We are honored to serve this customer, are proud of the value we have provided, and are excited for the opportunity to continue the relationship, serving the customer’s needs well into the future.”
Hyperspring LLC was acquired by GSE Systems in November of 2014 and provides professional plant support services to a variety of power generation facilities throughout the United States. Services include: instruction, procedure writing, work management, corrective action, training program development and accreditation, self-assessments and equipment reliability. In addition, Hyperspring offers turn-key courses for Senior Reactor Operator (SRO) Instructor Certification, SRO Management Certifications, and NRC Generic Fundamentals exam preparation.
About GSE Systems, Inc.
GSE is a world leader in real-time high-fidelity simulation, providing a wide range of simulation, training, consulting 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.