March 12, 2009 (FinancialWire) -- GSE Systems, Inc. (AMEX: GVP) (Current Market Cap: US$82.86 Mil.) a provider of simulation and training products and services, said that 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 around $12 million of hardware that the customer has requested be a part of the contract in addition to around $6 million related specifically to the simulator.

GSE said that 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 is scheduled for completion in around 30 months. GSE, in partnership with Siemens, built the first full scope simulator at the same site in 1997.

Company CEO John V. Moran said, "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."

He added that the project will enhance GSE's experience with the latest Siemens/Areva digital control system offering, "which will serve the company well in the future."

Sykesville, Maryland-based GSE Systems provides training simulators and educational solutions. The company serves the energy, process, manufacturing and government sectors worldwide.

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