Yinson, K Line and Provaris plan advances in CO2 shipping

Yinson Production and K Line Energy Shipping have agreed to jointly develop and market solutions for transporting and injecting liquefied CO2, including a floating storage and injection unit (FSIU) and an LCO2 carrier.

Yinson Production, a Singapore-based company with an operations base in Oslo, Norway, stated the collaboration will “combine our FPSO and offshore engineering expertise with K Line’s proven CO2 shipping capabilities” to support large-scale carbon transport and storage, targeting European carbon capture and storage (CCS) projects.

K Line corporate officer Kei Onishi said the partners are “developing an offshore unloading capability and bespoke transport solutions to serve a broader range of CO2 storage sites.”

The companies believe FSIUs are suitable where onshore land is constrained or where storage sites are distant, and point to projects such as Havstjerne CCS in Norway as potential applications.

Separately, Provaris Energy has completed the Phase 2 design stage for a large-scale LCO2 tank under its joint development agreement with Yinson Production, and has submitted the design to a marine classification society for preliminary class approval.

Provaris said a front end engineering design phase is scheduled to commence in Q3 2025 and the partners will form a joint venture company to align on commercialisation.

Provaris managing director and chief executive Martin Carolan said, “The successful completion of the Phase 2 Design Stage, coupled with the planned establishment of a joint venture company between Provaris and Yinson, provides the focus and strategic alignment in our collaborative efforts to deliver industry-leading innovations in CO2 storage and transport.”

Yinson Production chief technical officer Lars Gunnar Vogt described the design as “demonstrating the technical viability of large-scale LCO2 tanks tailored for marine and offshore applications.”

According to Provaris’s June 2025 investor presentation, global CO2 emissions from energy combustion and industrial processes reached a record 37.8Bn tonnes in 2024, with Europe’s industrial plants relying heavily on CCS to meet decarbonisation targets.

The EU has mandated 44 oil and gas producers to establish 50M tonnes per annum (mta) of CO2 storage capacity by 2030, with limited pipeline infrastructure meaning shipping and offshore sequestration will be essential.

Provaris cites Clarksons Green Transition Group analysis indicating CCS capacity could rise from 62M tonnes in 2024 to 270M tonnes by 2030, creating demand for a new fleet of specialised LCO2 carriers with capacities beyond today’s 7,500–22,000-m³ designs.

Provaris stated the tank programme with Yinson is “fully funded” and integrated with the planned FSIU for the 10-mta Havstjerne CCS project in Norway.

The joint venture will own all LCO2 tank designs and associated intellectual property, with a licensing model targeting maritime, offshore and onshore storage markets from 2026.