GSE SYSTEMS, INC. EXHIBIT 21.1

FORM 10-K

FOR THE YEAR ENDED DECEMBER 31, 1996

SUBSIDIARIES OF THE REGISTRANT

The companies listed below are directly or indirectly owned 100% by GSE
Systems Inc. and are included in its consolidated financial statements. GS
Information Systems FSC Ltd., GSE Systems International Ltd, MSHI, Inc., GSE
Power Systems AB and GSE Process Solutions, Inc. are wholly owned subsidiaries
of GSE Systems, Inc. GP International Engineering & Simulation, Inc. and GSE
Services Company L.L.C. are wholly owned subsidiaries of GSE Power Systems,
Inc. which is a wholly owned subsidiary of MSHI, Inc. GSE Process Solutions
B.V. is a wholly owned subsidiary of GSE Process Solutions, Inc. GSE Process
Solutions Belgium N.V. and GSE Process Solutions Singapore (Pte) Limited are
wholly owned subsidiaries of GSE Process Solutions B.V.

Name Jurisdiction of Organization
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GS Information Systems FSC Ltd. Barbados

GSE Systems International Ltd. State of Delaware

MSHI, Inc. State of Virginia

GSE Power Systems, Inc. State of Delaware

GP International Engineering & Simulation, Inc. State of Delaware

GSE Services Company L.L.C. State of Delaware

GSE Power Systems AB Sweden

GSE Process Solutions, Inc. State of Delaware

GSE Process Solutions B.V. Netherlands

GSE Process Solutions Belgium N.V. Belgium

GSE Process Solutions Singapore (Pte) Limited Singapore