GSE Systems to provide nuclear power operations support to major US utility

Source:GSE Systems, Inc.

GSE Systems to provide nuclear power operations support to major US utility

GSE Systems, Inc. (NYSE MKT: GVP) (“GSE”), the global energy industry performance improvement company, today announced that its Hyperspring LLC subsidiary has been awarded a contract for the continuation of Nuclear Operations support services in the form of providing Nuclear Operations Instructors at a major nuclear utility in the southern United States. The on-call services contract allows for total payment up to $35 million to GSE over the three-year contract term. Instructor tasks include leading the development, maintenance and conduct of training and qualification activities to ensure operators and shift technical advisor qualifications meet regulatory and accreditation requirements.

For the year ended December 31, 2014 and the six-month period ended June 30, 2015, Hyperspring generated revenues from this utility of $11.1 million and $5.3 million, respectively.

Paul Abbott, President of Hyperspring LLC said, “This contract is a continuation of a long standing relationship with the utility customer and reflects their satisfaction with the quality of services we have provided. We are honored to serve this customer, are proud of the value we have provided, and are excited for the opportunity to continue the relationship, serving the customer’s needs well into the future.”

Hyperspring LLC was acquired by GSE Systems in November of 2014 and provides professional plant support services to a variety of power generation facilities throughout the United States. Services include: instruction, procedure writing, work management, corrective action, training program development and accreditation, self-assessments and equipment reliability. In addition, Hyperspring offers turn-key courses for Senior Reactor Operator (SRO) Instructor Certification, SRO Management Certifications, and NRC Generic Fundamentals exam preparation.  

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