Global offshore solution provider Seatrium has secured a contract for a floating storage regasification unit (FSRU) conversion by Kinetics, an energy transition initiative under Karpowership.
This follows the option for a fourth project confirmed between two companies in April 2024.
Kinetics CEO Mehmet Katmer stated: “Seatrium’s proven track record, engineering expertise and technical capabilities make them an invaluable partner in supporting our mission to deliver reliable and sustainable energy solutions worldwide. This final contract represents a significant milestone in Kinetics’ ambition to lead the global FSRU market in the coming years.”
The project, set to commence in the third quarter (Q3) of 2025, will see an LNG [liquefied natural gas) carrier (LNGC) converted into a floating storage and regasification unit (FSRU) named LNGT Turkiye.
The conversion will encompass the installation of a regasification module – a spread-mooring system.
It also involves supporting systems integration, which includes offloading, cargo handling, utility, electrical and automation systems.
Kinetics is an energy company that specialises in the building, development, delivery and leasing of floating LNG assets and renewable energy platforms, including battery energy storage systems, intended to meet the requirements of utilities, and independent power producers.
Seatrium repairs and upgrades executive vice-president Alvin Gan stated: “We truly appreciate the trust from Kinetics in awarding us this important seventh FSRU project. 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. These projects underscore Seatrium’s unwavering commitment to excellence, innovation, and customer satisfaction, further cementing our position as a pioneer and market leader in the specialised FSRU conversion sector.”
Singapore-headquartered Seatrium delivers engineering solutions to the global offshore, marine and energy industries.
In early 2025, Seatrium won a significant contract from Höegh Evi, Norway, for the conversion of an LNG carrier into an FSRU.
“Kinetics awards seventh FSRU project to Seatrium” was originally created and published by Offshore Technology, a GlobalData owned brand.
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