GSE Systems Profile
GSE Systems, Inc. provides engineering services and technology, expert staffing, and simulation software to clients in the power and process industries.
The company provides customers with simulation, engineering technology, engineering and plant services that help clients reduce risks associated with operating their plants, increase revenue through improved plant and employee performance, and lower costs through improved operational efficiency. In addition, the company provides professional services that help clients fill key vacancies in the organization on a short-term basis, including but not limited to, the following: procedure writing, planning and scheduling; engineering; senior reactor operator (SRO) training and certification; technical support and training personnel focused on regulatory compliance and certification in the nuclear power industry.
The company's services help its customers provide clean energy to all in a reliable and safe manner. The company is uniquely positioned as one of the largest independent nuclear services companies in the United States to support decarbonization of the power industry. The company's operations also include interactive software for tutorials and simulation for the refining, chemical, and petrochemical industries.
While most of the company's revenue comes from support provided to the nuclear power industry, the company also serves agencies in the United States Department of Energy (DOE), the United States Navy and adjacent defense opportunities, and the oil and gas, refining, chemical, and petrochemical markets.
The company owns Hyperspring, LLC (Hyperspring). Hyperspring is a nuclear industry focused staffing and training firm that employs highly skilled, high-value professionals primarily filling training and consulting positions on a contract basis for nuclear power plant operators. Hyperspring professionals provide training, operations and maintenance support, including generic fundamentals exams, accreditation training visit preparation, SRO certification, procedure development, work management, tagging/labeling, outage execution, planning/scheduling, corrective action, self-assessments and equipment reliability.
The company also owns Absolute Consulting, Inc. (Absolute). Absolute is a provider of technical consulting and staffing solutions to the global nuclear power industry with expertise in procedure writing, engineering, technical support, scheduling, planning, project management, training, project controls, and corrective actions.
The company also owns True North Consulting, LLC (True North). True North is a provider of engineering solutions to nuclear and non-nuclear power plants with an emphasis on regulatory-driven, American Society of Mechanical Engineers (ASME) code programs. The company owns DP Engineering Ltd, Co. (DP Engineering). DP Engineering is a specialized provider of high-value engineering services and solutions to the nuclear power industry. DP Engineering generates over 90% of its revenue from the nuclear power industry with core expertise in mechanical design; civil/structural design; electrical, instrumentation and controls design; digital controls/cyber security; and fire protection. DP Engineering primarily works under master service agreements as the Engineer of Choice (EOC).
Segments
The company operates in two segments, Engineering and Workforce Solutions. Each segment focuses on delivering solutions to customers within the company's target markets.
Engineering
This segment primarily encompasses its power plant high-fidelity simulation solutions, technical engineering services for ASME programs, power plant thermal performance optimization, and interactive computer-based tutorials/simulation focused on the process industry. This segment includes various simulation products, engineering consulting services, and operation training systems delivered across the industries the company serves: primarily in the nuclear, fossil fuel power generation and the process industries.
The company's simulation solutions include the following: simulation software and services, including operator training systems, for the nuclear power industry; simulation software and services, including operator training systems, for the fossil power industry; and simulation software and services for the process industries used to teach fundamental industry processes and control systems to newly hired employees and for ongoing workforce development and training.
This segment also provides in-service testing for engineering programs focused on ASME OM code, including Appendix J, balance of plant programs, and thermal performance; in-service inspection for specialty engineering, including ASME Section XI; software solutions; and mechanical design, civil/structural design, electrical, instrumentation and controls design, digital controls/cyber security, and fire protection for nuclear power plant design modifications. The company's subsidiaries, True North and DP Engineering, typically work as either the EOC or specialty EOC for its clients under master services agreements and are included in its Engineering segment due to their service offerings.
Workforce Solutions
This segment supports entire project lifecycles and provides highly specialized and skilled talent throughout the energy and engineering industries. Hyperspring provides training and professional service solutions. Absolute provides technical and professional staffing and procedure writing experts. Together, the company's Workforce Solutions team reduces risk and costs, boosts agility and responsiveness, to eliminate non-productive time, all while providing timely, flexible and effective solutions. Examples of some of the highly skilled positions the company fulfills are senior reactor operations instructors, procedure writers, project managers, engineers, work management specialists, planners and training material developers. These employees work at the company's clients' facilities under client direction.
Strategy
The key elements of the company's strategy are to serve existing customers and adjacencies with compelling solutions with a focus on decarbonization; cross sell and upsell into existing markets; focus on creating and bringing to market compelling technology solutions; focus on compelling adjacencies in clean energy, defense, and national labs; and deliver high-quality solutions.
Customer and Locations
A small representative list of the company's customer base includes ABB Inc.; American Electric Power; Bechtel Hanford National Laboratory; Duke Energy; EDF Energy (the United Kingdom), Emerson Process Management; Entergy Nuclear Operations Inc; Exelon; PSEG Nuclear, Inc.; Siemens AG (Germany); Southern Nuclear Operating Company, Inc.; Savannah River Nuclear Solutions, LLC; Slovenkse Elektrarne, A.S. (Slovakia); Tennessee Valley Authority; and Westinghouse Electric Co. Hydrocarbon and chemical process customers include numerous large oil refineries and chemical plants, such as BP (worldwide), Statoil ASA (Norway), Chevron, Shell Oil Company (worldwide), Total (Belgium), and Valero (the U.S.A.).
Marketing and Sales
The company markets its products and services through a network of direct sales staff, agents and representatives, and strategic alliance partners.
Intellectual Property
The company has numerous registered U.S. trademarks, including word and design trademarks on: GSE Systems, GSE Solutions, JTOPMERET, RELAP5-HD, VPanel, and SimExec, as well as a design trademark on the 'GSE' logo. The company also claims trademark rights to DesignEP, Java Application and Development Environment (JADE), OpenSim, PSA-HD, SimSuite Pro, SmartTutor, THOR, and Xtreme I/S.
Competition
In the nuclear simulation market, the company competes directly with firms primarily from Canada, France and the U.S., such as L-3 MAPPS Inc., a subsidiary of Harris (Canada), CORYS T.E.S.S (France) and Western Services Corporation. In the fossil simulation market, the company competes with smaller companies in the U.S. and overseas. In the process industry, the company's main competition comes from large digital control system/automation companies, such as Honeywell and Schneider. In the company's engineering market, the company competes with firms primarily from North America, such as Enercon Services, Kinectrics, Sargent & Lundy, and AECOM.
The Workforce Solutions business services include technical professional and training-related and services, as well as staff augmentation solutions. Competitors of the company for these services include but is not limited to the following: GP Strategies (acquired by LTG in 2021), The Westwind Group, Professional Training Technologies, and Western Technical Services. The competition for staff augmentation includes System One, Aerotek, and Peak Technical.
Research and Development
For the year ended December 31, 2022, the company's research and development expenses were $0.6 million.
History
GSE Systems, Inc. was founded in 1971. The company was incorporated in 1994.
