Singapore-based engineering solutions firm Seatrium has secured a contract to convert a liquefied natural gas (LNG) carrier into a floating storage regasification unit (FSRU) for Kinetics, an energy transition initiative backed by Karpowership.
The contract marks the fourth FSRU conversion project for Kinetics, following the announcement of an option for this project in April 2024.
Karpowership is a Turkish firm which manages a significant portfolio of powerships and power plants.
The conversion project is set to start in Q3 2025 to develop an FSRU named LNGT Turkiye.
Kinetics CEO Mehmet Katmer said: “We are pleased to strengthen our excellent partnership with Seatrium as we expand our FSRU fleet to meet the highest industry standards.
“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 scope of Seatrium includes installing a regasification module, a spread-mooring system, and integrating essential systems such as cargo handling, utility, and automation systems.
Seatrium repairs and upgrades executive vice president Alvin Gan said: “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.”
Seatrium is said to have completed 21 FSRU/ floating storage unit (FSU) conversion projects since 2007. The company is engaged in designing and constructing rigs, floaters, offshore platforms, and specialised vessels.
Additionally, Seatrium is involved in repairs, upgrades, and conversions of various ship types.
In February 2025, BP Exploration & Production signed a memorandum of understanding with Seatrium for the potential development of the Tiber floating production unit in Gulf of America.
According to this agreement, Seatrium would handle engineering, procurement, construction, and commissioning of the facility pending BP’s final investment decision expected this year. The Tiber oil was discovered by BP in 2009 in Keathley Canyon block 102, roughly 480km southwest of New Orleans.
