Seatrium to convert three LNG carriers to FSRUs for Karpowership

Singapore shipyard Seatrium’s Repairs and Upgrades unit has won a series of major new contracts with an aggregate value of S$350M (US$260M) with works scheduled through the end of 2025.

The assorted deals represent a diverse range of work but the most significant scope focuses on the LNG segment, including upgrades and conversions to floating storage and regasification units (FSRU), life-extension and remediation works for floating production systems and LNG carrier repairs. 

Work for Karpowership will involve installing a regasification skid and other supporting systems such as cargo, utility, spread-mooring, offloading, electrical and automation systems. Scheduled to commence Q2 2024, this contract will include several FSRU conversions executed by Seatrium for Karpowership, including Karmol LNGT Powership Africa, Karmol LNGT Powership Asia and Karmol LNGT Powership Europe, reinforcing Seatrium Group’s position as a leader in the highly specialised FSRU conversion market.

Turkish firm Karpowership specialises in supplying floating LNG power plants. These vessels can trade as regular LNG carriers, or be deployed as part of LNG import terminals. Earlier this year, the shipowner tasked MAN Energy Solutions with delivering 48 dual-fuel engines for the company’s fleet.

In February 2024, Shell and Peter Livanos’ GasLog extended contracts with Seatrium through 2029. The work scope involves repairs, refurbishment and upgrading of Shell International Trading and Shipping Co and GasLog’s combined fleet of 43 LNG carriers docking in southeast Asia.

For MODEC Management Services Pte Ltd, Seatrium will complete maintenance and upgrade work on a floating production storage & offloading system, Pyrenees Venture. MODEC operates the asset for Woodside Energy.

The contract is scheduled to commence Q2 2024 and the vessel is expected to be redeployed back into production off the coast of Western Australia.

Major remediation work for Chevron Thailand Exploration and Production, Ltd is also scheduled to commence Q2 2024.

The yard will also complete repair work on Hakuryu 5, a semi-submersible drilling rig from Japan Drilling, a series of LNG carriers drydocking under the yard’s favoured customer contract with South Korea’s Hyundai LNG Shipping, and naval work for an unnamed client. 

Cruise shipping giants Carnival Corp and Royal Caribbean Group have also awarded the Singaporean group retrofit deals for 10 vessels.