Seatrium secures floating storage regasification unit project from energy company Kinetics

It is set to commence in the third quarter of 2025 and involves the conversion of a liquefied natural gas carrier into an FSRU

Seatrium has secured a floating storage regasification unit (FSRU) conversion contract from energy company Kinetics, a spin-off from Turkish energy group Karpowership.

The project, set to commence in the third quarter of 2025, involves the conversion of a liquefied natural gas carrier into an FSRU named LNGT Turkiye, Seatrium said on Thursday (Jul 3).

The scope of work includes the installation of a regasification module, a spread-mooring system and the integration of key supporting systems such as cargo handling, offloading, utility, electrical and automation systems.

Alvin Gan, executive vice-president for repairs and upgrades at Seatrium, said that the project is the seventh FSRU partnership between the two companies.

Seatrium has delivered four projects for Kinetics to date and it is working on two more FSRU conversion projects, slated to be delivered later this year and in the first quarter of 2026, Gan noted.

In June, it delivered its fourth FSRU project for Kinetics, the Karmol LNGT Powership Antarctica, he added.

Mehmet Katmer, chief executive officer of Kinetics, said that the contract is a “significant milestone” for the company as it aims to expand its FSRU fleet and become a global leader in the FSRU market in the coming years.

Shares of Seatrium were up 0.5 per cent or S$0.01 at S$2.06 as at 9.39 am on Thursday.

Copyright SPH Media. All rights reserved.