Update 1 – The French GTT has stopped working in Russia

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(Reuters) – French engineering group Castrôporte & Technicas said on Monday it would suspend operations in Russia after reviewing recent European approval agreements that bar engineering services with Russian firms.

The group said a contract with Russian shipbuilder Zvezda for 15 icebreaker LNG carriers would be suspended from January 8 and the operations of the two most advanced applicants would be restricted.

At the same time, terms for GTT’s exit from gravity-fed hull (GBS) projects are being finalized with Renaissance Heavy Industries Russia and Saipem’s Russian subsidiary Saren BV.

“These items will have a primarily financial impact from 2023,” GTT specifies in a press release, specifying that its order book no longer includes projects in Russia.

GTT added that annual targets exclude EBITDA generated from recent services in Russia from 2023.

In October 2022, with revenues from Zvesta LNG carriers of €74m ($78.86m) to be recognized in 2025 and €12m to be recognized from GPS in 2027, GTT said the total exposure order book is less than 6%. %. ($1 = €0.9384) (Reporting by Tina Court; Editing by Tomasz Janowski and Louise Heavens)