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GSE Systems Receives $9.1 Million Change Order from Slovakian Customer; Shares Down 2%

GSE Systems ( GVP ) has received a $9.1 million change order from a customer in Slovakia. The customer had contracted GVP to provide a full-scope simulator for a two unit reactor plant. Work on this project was suspended in May 2012 due to regulatory changes in Slovakia requiring the customer to redesign certain aspects of the actual power plant.

The change order covers additional services associated with revisions to the design of the main plant, costs related to changes in control room hardware due to the redesign of the main plant, new work related to certain other building modifications, and costs incurred by GVP due to the project's delay. The customer also withdrew all outstanding claims for project delays it made against the company.

Shares are down 2.37% to $2.06, within a 52-week range of $1.64 - $3.03.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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