GSE Systems Announces $9.5 Million in New Orders

SYKESVILLE, Md.--()--GSE Systems, Inc. (NYSE MKT: GVP), a global energy services solutions provider, today announced new contracts valued at approximately $9.5 million involving accident modeling, simulation and engineering services. These projects were awarded during the second quarter of 2014.

Jim Eberle, Chief Executive Officer of GSE, commented, “We believe that these orders reflect the diversity and continuing evolution of GSE’s solutions portfolio. These awards bring total bookings in the first half of 2014 to $16 million. We are especially pleased that our business development initiatives have generated contracts from customers in Asia and Europe, which is in line with our revenue diversification strategy. We remain committed to helping the global energy industry address the looming, critical shortage of skilled energy services workers.”

These new projects are expected to be executed over the next one to two years, and are comprised of:

  • $3.9 million in nuclear simulator projects in China and Korea, including an order for GSE’s severe accident solution in China.
  • $2.5 million for three full-scope fossil simulators and several fossil simulator upgrades in the United States.
  • $1.3 million for a variety of projects in Europe, including a basic principles simulator to teach fundamentals of Advanced Gas Reactor and other simulator upgrades, as well as engineering projects.
  • $1.4 million in upgrades to several nuclear simulators in the United States.
  • $0.4 million in various contracts for process simulation and training.

About GSE Systems, Inc.

GSE Systems, Inc. is a world leader in real-time high-fidelity simulation, providing a wide range of simulation, training and engineering solutions to the energy 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 St. Marys, Georgia; Cary, North Carolina; Chennai, India; Nyköping, Sweden; Stockton-on-Tees, UK; Glasgow, UK; and Beijing, China. Information about GSE Systems is available at www.gses.com.

Forward-Looking Statements

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.

Contacts

GSE Systems, Inc.
Jim Eberle, 410-970-7950
Chief Executive Officer
or
The Equity Group Inc.
Devin Sullivan, 212-836-9608
Senior Vice President
dsullivan@equityny.com
or
Thomas Mei, 212-836-9614
Associate
tmei@equityny.com

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Contacts

GSE Systems, Inc.
Jim Eberle, 410-970-7950
Chief Executive Officer
or
The Equity Group Inc.
Devin Sullivan, 212-836-9608
Senior Vice President
dsullivan@equityny.com
or
Thomas Mei, 212-836-9614
Associate
tmei@equityny.com