Economic Development News

GSE Announces $5 Million in New Simulator Work

GSE Systems, Inc. (GSE), a leading global provider of real-time simulation and training solutions to the power, process, manufacturing and Government sectors, announced the recent award of over $5 million of new work in its nuclear and non-nuclear simulation business sectors.

The nuclear awards are for major upgrades to existing simulators in the US and Mexico. In addition, the Company received a letter of intent for its eighth contract to implement its state-of-the-art thermal hydraulic modeling tool, RELAP5-HDTM, for a simulator in Europe. RELAP5-HDTM more closely replicates pressures, temperatures and flows in the Reactor Coolant Systems of nuclear plants than possible with earlier generation tools, and accomplishes this in real time while allowing engineers the ability to interactively monitor or plot a number of internal variables.

The non-nuclear awards are for both new and existing fossil fueled plants located in the US and the UK. For the US plant, the need for a simulator is being driven by the addition of emission control systems required to meet new federal, state and local regulations.

In addition to these new awards, GSE recently finalized contracts for two new full scope Japanese simulators. With formal contracts now in place, the approximate $10 million of remaining value will be included in the Company’s June 30, 2009 contract backlog.

John V. Moran, GSE's Chief Executive Officer commented, “I am very pleased to announce that we continue to experience a steady stream of both new and existing customers investing in our latest technologies. In addition, our steady flow of RELAP5-HDTM installation contracts indicates a general acceptance of this tool as the thermal-hydraulic tool of choice in the nuclear sector. We anticipate a steady flow of new RELAP5-HDTM orders as the year progresses.”

GSE Systems, Inc. provides training simulators and educational solutions. The Company has over three decades of experience, over 349 installations, and 100 customers in more than 40 countries. GSE Systems is headquartered in Sykesville, Maryland located in the western suburbs of Baltimore, Maryland. Other locations include offices in St. Marys and Augusta, Georgia; Tarrytown, NY; Sweden and Beijing, China.

To read the original press release click here

on the web: www.gses.com

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