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GSE Wins Two Master Services Agreements Worth $35 Million with Major US Utility for Contract Workforce Support

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GSE Systems, Inc. ("GSE Solutions" or "GSE") (Nasdaq: GVP), a leader in delivering end-to-end training, engineering, compliance, simulation, and workforce solutions to the power industry, today announced that GSE’s Nuclear Industry Training and Consulting (NITC) group was awarded two master services agreements (MSAs) with a combined total worth of $35 million for qualified contracted engineering and staffing support services at a major US utility.

The widening skills gap and aging workforce remain critical challenges for the industry in both the near- and long-term. GSE’s NITC group has held contracts to fulfill the utility’s staff augmentation needs for nuclear professionals since 2011. Known for its elite nuclear expertise, GSE has proved that it can supply a talent force that is diverse and equipped to support all facets of a utility’s personnel requirements. These new contracts expand GSE’s mandate to provide additional support for the customer as needed.

These new contracts will enable GSE to recruit and supply field professionals, engineers, and administrative, operations, scientific, maintenance, and operations support personnel to deliver nuclear and non-nuclear services on projects at a variety of locations including plant and utility offices. These contracts will initially be budgeted at $35 million for two years with two twelve-month optional extension periods.

"GSE’s NITC group beat out tough competition to win this award. It is an endorsement of the value this business brings to our utility customers," said Kyle Loudermilk, President and CEO of GSE Solutions. "GSE’s field experts are respected professionals with years of hands-on experience improving client processes and maximizing plant efficiency."

"We’ve added key business development executives to GSE’s NITC team and are positioned to capitalize on the next upswing in bidding activity," said Brian Greene, Vice President of GSE’s Nuclear Industry Training and Consulting division. "Our technical professionals and superior training solutions are second to none."

ABOUT GSE SOLUTIONS

We are the future of operational excellence in the power industry. As a collective group, GSE Solutions leverages top skills, expertise, and technology to provide highly specialized solutions that allow customers to achieve the performance they imagine. Our experts deliver and support end-to-end training, engineering, compliance, simulation, and workforce solutions that help the power industry reduce risk and optimize plant operations. GSE is proven, with over four decades of experience, more than 1,100 installations, and hundreds of customers in over 50 countries spanning the globe. www.gses.com

GSE’s Nuclear Industry Training and Consulting (NITC) group is comprised of GSE Hyperspring and GSE Absolute Consulting, two proven companies with years of experience providing unparalleled levels of specialized staffing and training support.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201214005167/en/

Contacts

Media
Sunny DeMattio, GSE Solutions
sunny.dematttio@gses.com
P: +1 410.970.7931

Investors
Kalle Ahl, The Equity Group
kahl@equityny.com
P: +1 212.836.9614