Karpower subsidiary inks FSRU conversion contract with Seatrium

Kinetics, the energy transition arm of floating power firm Turkey-headquartered Karpowership, has awarded Singapore-based shipyard Seatrium a floating storage regasification unit (FSRU) conversion contract. 

The project involves converting an LNG carrier (LNGC) into an FSRU named LNGT Turkiye. According to Seatrium, the scope of work in the conversion project includes installing a regasification module and a spread-mooring system, and integrating key supporting systems such as cargo handling, offloading, utility, electrical and automation systems. 

The award follows Kinetics’ confirmation of an option for a fourth FSRU conversion project with Seatrium, announced in April 2024. Karpower originally awarded a contract for conversions of three LNGCs into FSRUs, with an option for a fourth project.

Seatrium vice president for repairs and upgrades, Alvin Gan added some detail to the history of conversion projects agreed between Karpower and Seatrium.

"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," Mr Gan said.

Seatrium said the latest conversion project for Karpowership is scheduled to commence in Q3 2025.

"While Kinetics is on track to become one of the major owners of floating LNG assets globally, Karpowership, the initiator behind its launch, operates an extensive portfolio of powerships and land-based power plants," Seatrium noted.

Seatrium has undertaken 21 FSRU or FSU conversion projects since 2007, according to Kinetics.