ROHSTOFF INTERNATIONAL

22:15 | 15.08.2018
GSE Systems Awarded $8 Million to Update Simulators in Slovakia and Korea

GSE Systems, Inc.(“GSE” or “the Company”) (Nasdaq:GVP), a
leading provider of professional and technical engineering, staffing
services, and simulation software to clients in the power and process
industries, today announced receipt of two contracts to update nuclear
power plant simulators in Slovakia and Korea.

The first contract is from Slovenské Elektrárne a.s. to update the
Mochovce unit 3&4 simulator, with GSE as the prime contractor for the
project. Slovenské Elektrárne is completing construction of two VVER-440
reactors at the Mochovce site in Slovakia. GSE won an international
competition to provide the new full scope simulator in 2009 and
delivered the simulator in 2013. It has been in use for enhanced
training by plant operators, enabling them to become familiar with the
new plant design and operating schemes. As the plant nears
commissioning, the simulator needs to be updated to reflect the final,
as-built design. The value of the contract is approximately $6.5 million
and will be implemented over a 16-month schedule. Mochovce is a VVER-440
plant design with a modern Siemens/Areva control system. Mochovce Unit 3
is scheduled to go on line in 2019.

The second contract is with Greatus Co. Ltd, in Seoul, Korea, to upgrade
Korea Hydro & Nuclear Power Company’s Kori Unit 2 simulator. Kori Unit 2
originally was built by GSE and Samsung Electronics in 1998 and upgraded
in 2006. The new project will update the plant models to GSE’s latest
technology, including the JADE™ simulation platform along with RELAP5-HD®,
REMARK™, and PSA-HD™ to model the reactor core and thermohydraulic
systems as well as severe accident scenarios. The Kori Unit 2 simulator
award is worth approximately $1.5 million and will be implemented over
the next 17 months.

Kyle Loudermilk, GSE’s President and CEO, said, “We are grateful for the
collaboration with Slovenské Electrárne, which began with the delivery
of the Mochovce Unit 1&2 simulator in 1997 and continues to this day.
This project demonstrates GSE’s ability to deliver our solutions
globally, on any reactor type, building successful relationships for the
long term. Delivery of the simulator solution prior to plant
commissioning provides the client valuable insights into the plant
controls and allows operators to gain a thorough understanding of this
unique plant.”

Mr. Loudermilk added, “Clients in Korea are seeing the value of our
simulation technology and in particular our RELAP5-HD and PSA-HD
solutions. This is the seventh full scope simulator in Korea to upgrade
to GSE’s latest technology for critical simulation and training needs.”
ABOUT GSE SYSTEMS, INC.
GSE Systems, Inc. is a leading provider of professional and technical
engineering, staffing services, and simulation software to clients in
the power and process industries. GSE’s products and services are
tailored to help customers achieve performance excellence in design,
training, compliance, and operations. The Company has over four decades
of experience, more than 1,100 installations, and hundreds of customers
in over 50 countries spanning the globe. GSE Systems is headquartered in
Sykesville (Baltimore), Maryland, with offices in Columbia, Maryland;
Navarre, Florida; Montrose, Colorado; and Beijing, China. Information
about GSE Systems is available at www.gses.com.
FORWARD LOOKING STATEMENTS
We make statements in this press release that are considered
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934. These statements reflect our current expectations
concerning future events and results. We use words such as “expect,”
“intend,” “believe,” “may,” “will,” “should,” “could,” “anticipates,”
and similar expressions to identify forward-looking statements, but
their absence does not mean a statement is not forward-looking. These
statements are not guarantees of our future performance and are subject
to risks, uncertainties, and other important factors that could cause
our actual performance or achievements to be materially different from
those we project. For a full discussion of these risks, uncertainties,
and factors, we encourage you to read our documents on file with the
Securities and Exchange Commission, including those set forth in our
periodic reports under the forward-looking statements and risk factors
sections. We do not intend to update or revise any forward-looking
statements, whether as a result of new information, future events, or
otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180815005662/en/


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