11th May 2006 07:01
Gas Turbine Efficiency PLC11 May 2006 11 May 2006 Gas Turbine Efficiency plc GTE signs multi-year agreement with Siemens Industrial Turbines AB Gas Turbine Efficiency plc ("GTE" or "the Company"), a leading supplier ofadvanced high pressure gas turbine cleaning systems, announces that it hassigned a multi-year agreement with Siemens Industrial Turbines AB (SIT), part ofSiemens AG, to supply its cleaning systems as a standard feature of SIT'scomplete range of turbines. The agreement covers an initial term effective until 31 December 2009 with anautomatic option to extend it by a further one year unless terminated by eitherparty. The deal strengthens an existing partnership under which GTE's cleaning systemshave been incorporated as a standard product in SIT's turbines since 1995. GTEwill manufacture and supply gas turbine cleaning systems to SIT in Sweden forinclusion in its entire range of industrial turbines, as well as other futuremodels, for shipments worldwide. Sweden is SIT's manufacturing base for itsindustrial turbines designed to deliver an output of between 17 megawatts and 43megawatts. These turbines are aimed primarily at the mid-range power generationand the oil & gas industries. GTE is an industrial partner of SIT, one of the world's leading manufacturers ofindustrial turbines. Based on historical trends, the Company expects to deliverbetween 35 and 60 systems per year for SIT's new units. Steven Zwolinski, chief executive of GTE, said: "We are delighted to cement ourrelationship with Siemens, a key industrial partner, with this new contract.This agreement provides a solid framework for our industrial turbines businessand is a further validation of GTE's proven technology. As power generators facesoaring fuel costs and tighter emission standards, it is becoming increasinglyimportant to run turbines efficiently by keeping them clean with GTE's advancedsolutions." Enquiries: Gas Turbine Efficiency plcSteven Zwolinski +46 8 546 10 500 Libertas CapitalAamir Quraishi, Charles Goodfellow + 44 20 7569 9650 Corfin CommunicationsNeil Thapar, Harry Chathli + 44 20 7929 8989 About GTE Gas Turbine Efficiency plc, whose shares are trading on London Stock Exchange'sAIM market (Ticker: GTE), develops, assembles and markets cleaning systems, aswell as other associated equipment, for the internal cleaning of gas turbinecompressors. The Company sells its products globally to international blue chipcustomers in the aviation and industrial sectors and to date its products havebeen used on over 1,000 gas turbines across 34 countries in Europe, the MiddleEast, Asia and the Americas. Its operational centres are located in Stockholm,Sweden and Houston, Texas, USA. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Gran Tierra