Seatrium was awarded a contract in March by Turkey’s Karpowership for the conversion of three floating storage regasification units (FSRUs) and upgrades to four floating power plants. This confirms a letter of intent (LoI) signed between the two parties in 2025. The value of the contract was not disclosed.
Under the firm agreement, the Singapore-listed marine engineering company will undertake the conversion, life extension, and repairs of three LNG carriers into FSRUs, as well as the integration of four new-generation Powerships, with an option for two additional units.
Powerships are ships or barges outfitted as floating mobile power plants, developed by Karpowership. The company has deployed a fleet of approximately 45 of these vessels to supply electricity, meeting energy shortages caused by inadequate infrastructure in Asia, South America, Central America, and Africa.
Karpowership works with Mitsui OSK Lines in a joint venture called KARMOL, which combines floating power plants and floating gas storage facilities. This partnership provides electricity from LNG in countries without their own gas supply.
In 2025, Seatrium’s Admiralty Yard in Singapore delivered KARMOL LNGT Powership Antarctic, the fourth conversion for the JV.
In February, Seatrium completed the US$50M sale of its AMFELS Yard in Brownsville, Texas, to Karpower Valley, LLC, an affiliate of Karpowership. In March, KARMOL LNGT Powership Europe arrived at the Port of Brownsville for lay berth, joining Karadeniz Powership Goktay Bey at Karpower Valley’s shipyard, formerly Seatrium AmFELS.
This is the eighth FSRU conversion project between Seatrium and Karpowership. Scheduled to start in Q3 2026, the LNGC-to-FSRU conversion project, LNGT Karadeniz, signifies Karpowership’s first high-capacity FSRU, engineered to deliver a regasification capacity of up to 600 million standard cubic feet per day (mmscfd). The conversion scope encompasses the installation of a regasification module, a spread-mooring system, and the integration of critical supporting systems, including cargo handling, LNG offloading, utilities, electrical distribution, and advanced automation and control systems.
“Seatrium has delivered 23 FSRU and FSU conversion projects”
Seatrium executive vice president, repairs and upgrades, Alvin Gan, said this latest deal reinforces Seatrium’s position as a global leader in FSU/FSRU conversions – noting the Singapore company has performed more than 90% of such projects.
“To date, we have delivered six FSRU conversions for Karpowership, and we are excited to collaborate closely with Karpowership to advance next-generation Powerships and offshore solutions, amidst insatiable demand for energy and an ongoing transition towards cleaner energy globally.”
Karpowership chief technical operations officer, Gokhan Kocak, said: “Seatrium’s proven track record, deep engineering expertise and technical capabilities make them a trusted and invaluable partner in advancing our mission to deliver reliable and sustainable energy solutions worldwide.” He added that the contract advances “Karpowership’s ambition to lead the global FSRU market in the coming years.”
At the same time as this latest deal, Seatrium reported delivering the FSRU LNGT Powership Oceania. With this latest completion, Seatrium has delivered 23 FSRU and FSU conversion projects.