GTT, the French maker of LNG containment systems, said it could delay the general availability of its Mark V technology to the market.
The company said that, while it remains confident in the potential of the technology, it has decided to re-validate some aspects of it following the “discovery of a technical concern.”
GTT also added it is aware that today’s market conditions and LNG prices are not propitious to the general application of the current version of Mark V, considering the incremental cost of the system compared to GTT’s other technologies.
“The company will, therefore, use this additional time to seek improvements in the cost of this system,” GTT’s statement reads.
Speaking of the decision, GTT’s CEO Philippe Berterottière said the company is working with customers that “considered using Mark V, both to discuss the timing of the modification to this new system and other containment options.”
The other options could include the newly improved Mark II Flex technology, Berterottière said.