Recently, Singapore’s offshore engineering giant Seatrium signed a conversion contract with Kinetics, the energy transition brand under Karpowership, the world’s largest power barge operator, for a floating storage regasification unit (FSRU).
The project, scheduled to commence in the third quarter of 2025, involves converting an LNG carrier into an FSRU named *LNGT Turkiye*. Seatrium will be responsible for installing the regasification module, a multi-point mooring system, and integrating key supporting systems such as cargo handling, offloading, auxiliary systems, power, and automation.
Alvin Gan, Executive Vice President of Seatrium’s Repair & Conversion business, stated: “We deeply appreciate Kinetics’ trust in awarding us this significant seventh FSRU project. This contract underscores the successful strategic partnership between our companies, with four vessels already delivered to date, including *Karmol LNGT Powership Africa*, *Asia*, *Europe*, and most recently, *Antarctica*.”
Currently, Seatrium is executing two additional FSRU conversion projects for Kinetics, expected to be delivered later this year and in the first quarter of 2026, respectively. Gan noted that these projects reflect Seatrium’s ongoing commitment to innovation and further solidify its leading position in the global FSRU conversion market.
Mehmet Katmer, CEO of Kinetics, said: “As we continue expanding our FSRU fleet while striving to meet the highest industry standards, we are delighted to deepen our collaboration with Seatrium. Their outstanding engineering expertise and technical capabilities make them a valuable partner in our mission to deliver reliable and sustainable energy solutions worldwide.”
Previously, in April 2024, Seatrium signed a 3+1 FSRU conversion contract with Karpowership, which began execution in the second quarter of 2024.
It is understood that Seatrium’s predecessor, Sembcorp Marine, was one of Singapore’s major offshore shipyards. In February 2023, Sembcorp Marine merged with Keppel Offshore & Marine, another leading Singaporean offshore shipyard, aiming to create a global leader focused on offshore renewable energy, new energy, and clean solutions for the offshore and marine industries.
In April 2023, the merged entity rebranded from “Sembcorp Marine” to “Seatrium Limited.” At the time, Sembcorp Marine explained that “Seatrium” combines the words “sea” and “atrium,” reflecting the group’s business and its aspiration to become a global leader in innovative engineering solutions for the offshore, marine, and energy industries.
Seatrium’s operations span four divisions: Rigs & Floaters; Repair & Upgrades; Offshore Platforms; and Shipbuilding. The company currently operates shipyards and facilities in Singapore, Brazil, China, Indonesia, Japan, the Philippines, Norway, the UK, and the US. As a leader in the global FSU (floating storage unit) conversion market, Seatrium has successfully delivered 20 such projects since 2007.
