GSE Systems Announces $18 Million Contract for a New Nuclear Plant Simulator in Slovakia with Associated Digital Control System

GSE Systems, Inc. (GSE) (NYSE Amex - GVP), a leading global provider of real-time simulation and training solutions to the power, process, manufacturing and Government sectors, announced it has been awarded a contract valued at over $18 million to build a new nuclear power plant simulator for a two unit reactor plant in Slovakia. The contract includes approximately $12 million of hardware that the customer has requested be a part of the contract in addition to approximately $6 million related specifically to the simulator. Margins on the hardware portion of the contract will be minimal, while margins on the more traditional simulation portions will be consistent with those in the past.

The utility customer in Slovakia is constructing two new Russian designed VVER-440 nuclear reactors at the site that will incorporate Siemens / Areva control systems. Work on this contract will commence immediately and is scheduled for completion in approximate 30 months. GSE, in partnership with Siemens, built the first full scope simulator at the same site in 1997.

John V. Moran, GSE’s Chief Executive Officer commented, “I am extremely pleased to announce this very significant project for the company. GSE continues to be recognized as the leader in providing the nuclear power generation industry the most advanced and capable simulation modeling tools and services in the industry.”

Moran Continued, “The value of this contract is larger than what we typically announce for a new nuclear simulator because the scope of work includes roughly $12 million for hardware purchases, the largest being the purchase of a digital control system from Siemens. This project will enhance GSE’s experience with the latest Siemens/Areva digital control system offering which will serve the Company well in the future. The digital control system is normally purchased directly by the customer. This award represents the eighth new full scope nuclear simulator award the company has received in the last 18 months.”

GSE Systems, Inc. provides training simulators and educational solutions. The Company has over three decades of experience, over 349 installations, and 100 customers in more than 40 countries. Our software, hardware and integrated training solutions leverage proven technologies to deliver real-world business advantages to the energy, process, manufacturing and government sectors worldwide. GSE Systems is headquartered in Sykesville, Maryland located in the western suburbs of Baltimore, Maryland. Our global locations include offices in St. Marys, Georgia; Atlanta, Georgia; Sweden and China. Information about GSE Systems is available via the Internet at http://www.gses.com.

GSE Systems, Inc.
John V. Moran
Chief Executive Officer
410-970-7801
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