Singapore-based Seatrium Limited said it was awarded a floating storage and regasification unit (FSRU) conversion contract by Kinetics, an energy transition intiative by Turkish mobile power generation firm Karpowership.
The project involves the conversion of a liquefied natural gas (LNG) carrier into an FSRU named LNGT Turkiye, Seatrium said in a news release.
The scope of work includes the installation of a regasification module, a spread-mooring system, and integration of key supporting systems such as cargo handling, offloading, utility, electrical, and automation systems. The project is scheduled to begin in the third quarter, according to the release.
Financial terms of the contract were not disclosed.
The contract follows Kinetics’ confirmation of the option for a fourth FSRU conversion project with Seatrium announced in April 2024, as well as the award of three LNG carrier conversions into FSRUs for the company, with an option for a fourth project, Seatrium said.
Seatrium Executive Vice President for Repairs and Upgrades Alvin Gan said, “We truly appreciate the trust from Kinetics in awarding us this important seventh FSRU project. This contract is a testament to the successful strategic partnership between our companies, that includes four projects delivered to date: Karmol LNGT Powership Africa, Asia, Europe, and most recently, Antarctica. Presently, two more FSRU conversion projects for Kinetics are in progress at our yard, with deliveries scheduled later this year and in the first quarter of 2026”.
“These projects underscore Seatrium’s unwavering commitment to excellence, innovation, and customer satisfaction, further cementing our position as a pioneer and market leader in the specialized FSRU conversion sector,” Gan added.
Kinetics CEO Mehmet Katmer said, “We are pleased to strengthen our excellent partnership with Seatrium as we expand our FSRU fleet to meet the highest industry standards. Seatrium’s proven track record, engineering expertise, and technical capabilities make them an invaluable partner in supporting our mission to deliver reliable and sustainable energy solutions worldwide. This final contract represents a significant milestone in Kinetics’ ambition to lead the global FSRU market in the coming years”.
Seatrium said it has a track record of 21 successful FSRU/FSU conversion projects since 2007.
Karpowership is a Turkish energy company that specializes in providing fast, flexible, and mobile electricity solutions through its fleet of Powerships, which are floating power plants mounted on ships or barges. The company has 40 Powerships and over 7,000 megawatts of installed capacity, according to the company’s website.
Kinetics describes itself as specializing in “cleaner, flexible energy systems” through the development and delivery of floating LNG assets and renewable energy platforms, including battery energy storage systems (BESS).
CCS Retrofit Project for Solvang
Last month, Seatrium said it signed a letter of intent (LOI) with Norway’s Solvang ASA for the installation and retrofitting of full-scale carbon capture and storage (CCS) systems.
A new project for full-scale CCS retrofitting is planned for Solvang’s new series of Very Large Gas Carriers (VLGCs), with the start date projected in late 2026, according to an earlier statement.
The two companies in February had previously worked together on the Clipper Eris turnkey retrofit project, where Seatrium provided engineering, procurement, and construction (EPC) solutions for the CCS package,
Gan said, “This partnership demonstrates our commitment to advance sustainable solutions in the maritime decarbonization journey. Building on the success of the pioneer project together on Clipper Eris, we are honored by Solvang’s trust in Seatrium to take the next step in their critical CCS program. This remarkable step will deepen our resolve as strategic partners in supporting maritime decarbonization efforts”.
Solvang Fleet Director Tor Ask said, “We are pleased to extend our successful partnership with Seatrium through this CCS initiative for our new buildings. Seatrium’s proven capabilities, demonstrated by the Clipper Eris retrofit, give us full confidence that this collaboration will bring tremendous value. Both organizations are aligned in delivering greener, energy-efficient maritime solutions for a lower-carbon future”.
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