GTT strengthens position as global leader in vessel performance management with Danelec acquisition

GTT strengthens position as global leader in vessel performance management with Danelec acquisition

(IN BRIEF) GTT has signed an agreement with Verdane to acquire Danelec, a leading maritime data solutions provider, for €194 million. This acquisition positions GTT as the global leader in vessel performance management and enhances its presence in the Voyage Data Recorders (VDR) market. Danelec’s systems are installed on over 15,500 vessels globally, and the company has experienced strong growth in safety and performance software. The acquisition is expected to be accretive to GTT’s earnings per share from the first year. The transaction is set to complete in the second half of 2025, subject to customary conditions.

(PRESS RELEASE) PARIS, 7-May-2025 — /EuropaWire/ — GTT has announced the signing of an agreement with the European investment fund Verdane to acquire Danelec, a leading provider of digital solutions for maritime data collection and analysis. The acquisition, valued at €194 million, will significantly enhance GTT’s Digital division and strengthen its presence in the vessel performance management market.

The acquisition of Danelec, which has an installed base of over 15,500 vessels worldwide, will bring GTT’s total vessel base to approximately 17,000. This move establishes GTT as the global leader in the growing vessel performance management segment. The acquisition also strengthens GTT’s position in the critical Voyage Data Recorders (VDRs) market, with 15% of the global fleet currently equipped with Danelec’s systems.

Founded in 1995 and headquartered in Farum, Denmark, Danelec specializes in developing maritime equipment, particularly VDRs, which serve as the “black box” for ships. These systems are in compliance with IMO regulations and the SOLAS convention, generating significant recurring revenues and fostering long-term relationships with customers. In recent years, Danelec has also experienced strong growth in safety and performance software, allowing maritime operators to make real-time, data-driven decisions to improve efficiency and safety.

For the fiscal year 2023/2024, Danelec reported a revenue of DKK 330 million (approximately €44 million), with around one-third coming from recurring revenues. The company’s adjusted EBITDA margin stood at 25%.

GTT expects the acquisition to be accretive to the Group’s earnings per share from year one. Philippe Berterottière, Chairman and CEO of GTT, expressed his enthusiasm for the deal, stating, “We are thrilled to welcome Danelec to the GTT family. This acquisition is a key step in our digital strategy and solidifies our leadership in vessel performance management. Danelec’s strong reputation, significant installed base, and excellent management team will help drive GTT’s growth in the maritime digitalization market.”

The acquisition is expected to close in the second half of 2025, subject to customary conditions.

About GTT

GTT is a technology and engineering group with expertise in the design and development of cryogenic membrane containment systems for use in the transport and storage of liquefied gases. Over the past 60 years, the GTT Group has designed and developed, to the highest standards of excellence, some of the most innovative technologies used in LNG carriers, floating terminals, onshore storage tanks and multi-gas carriers. As part of its commitment to building a sustainable world, GTT develops new solutions designed to support ship-owners and energy providers

in their journey towards a decarbonised future. As such, the Group offers systems designed to enable commercial vessels to use LNG as fuel, develops cutting-edge digital solutions to enhance vessels’ economic and environmental performance, and actively pursues innovation in the field of low-carbon solutions.

GTT is listed on Euronext Paris, Compartment A (ISIN FR0011726835 Euronext Paris: GTT) and is notably included in the CAC Next 20, SBF 120, Stoxx Europe 600 and MSCI Small Cap indices.

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information-financiere@gtt.fr / +33 1 30 23 20 87

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For more information, visit www.gtt.fr.

SOURCE: GTT