Gaztransport et Technigaz S.A. (GTT) is a specialized engineering and technology company that designs cryogenic membrane containment systems used to transport and store liquefied natural gas (LNG) and other liquefied gases. The company operates an asset-light business model based on intellectual property licensing. Rather than manufacturing components or building ships, GTT licenses its designs to major shipyards—primarily in South Korea and China—and provides engineering services, technical assistance, and testing throughout the construction process.
GTT generates the vast majority of its revenue (typically over 90%) from royalties and license fees. The core of this revenue comes from the construction of LNG carriers, which historically accounts for 80% to 90% of total sales. The remainder of its core revenue is derived from floating storage and regasification units (FSRUs), floating liquefied natural gas (FLNG) production units, onshore storage tanks, and LNG-fueled vessels. In addition to its core licensing business, GTT provides maintenance, training, and digital smart-shipping solutions to shipowners and operators. The company has also expanded into the green hydrogen sector through its subsidiary Elogen, which designs and assembles electrolyzers, though this remains a small portion of overall revenue.
Geographically, while GTT is headquartered in France, its business is entirely global. Its primary customers are the large Asian shipyards that dominate global shipbuilding, while the ultimate end-users of its technology are international energy companies, terminal operators, and shipowners. GTT holds a dominant market share in the LNG carrier containment market, with its membrane technologies being the industry standard due to their space efficiency and cost-effectiveness compared to older spherical tank designs. This competitive position, combined with high barriers to entry and a large backlog of orders, provides the company with strong margin profiles and long-term revenue visibility.
