That's the seventh one! Haiting wins another Karpowership modification contract.

Recently, Seatrium, a Singaporean offshore and marine giant, signed a contract with Kinetics, the energy transition brand of Karpowership, the world's largest power barge operator, for the conversion of a floating storage regasification unit (FSRU).

The project is scheduled to commence in the third quarter of 2025. The main work involves converting an LNG carrier into an FSRU, named "LNGT Turkiye". Seatrium will be responsible for installing the regasification module, multi-point mooring system, and integrating key supporting systems such as cargo handling, offloading, auxiliary systems, power, and automation systems during the conversion.

Alvin Gan, Executive Vice President of Seatrium's Repair and Conversion business, said: "We are very grateful for Kinetics' trust in awarding us this important seventh FSRU project. This contract demonstrates the successful strategic partnership between the two parties, with four successful deliveries to date, including the 'Karmol LNGT Powership Africa', 'Asia', 'Europe', and the recent 'Antarctica'."

Currently, Seatrium is executing two more FSRU conversion projects for Kinetics, expected to be delivered later this year and in the first quarter of 2026, respectively. Gan said these projects demonstrate Seatrium's continued commitment to innovation and further solidify its leading position in the global FSRU conversion market.

Mehmet Katmer, CEO of Kinetics, said: "As we expand our FSRU fleet and strive for the highest industry standards, we are pleased to continue deepening our collaboration with Seatrium. Seatrium's engineering expertise and technical capabilities are outstanding, making them a valuable partner in our efforts to deliver reliable and sustainable energy solutions globally."

Previously, in April 2024, Seatrium signed a 3+1 FSRU conversion contract with Karpowership, which commenced in the second quarter of 2024.

It is understood that Seatrium's predecessor, Sembcorp Marine, was one of Singapore's leading offshore and marine shipyards. In February 2023, Sembcorp Marine merged with Keppel Offshore & Marine, another major Singaporean offshore and marine shipyard, aiming to create a global leader focused on clean solutions for the offshore renewable energy, new energy, and offshore and marine shipbuilding industries.

In April 2023, the merged entity changed its name from "Sembcorp Marine" to "Seatrium Limited". At that time, Sembcorp Marine explained that "Seatrium" is a combination of the words "sea" and "atrium", reflecting the group's business and its aspiration to be a global leader in providing innovative engineering solutions for the offshore and marine, shipbuilding, and energy industries.

Seatrium's business includes four divisions: Rigs & Floaters; Repair and Upgrade; Offshore Platforms and Shipbuilding. The company currently operates shipyards and other facilities in Singapore, Brazil, China, Indonesia, Japan, the Philippines, Norway, the UK, and the US. As a leader in the global FSRU/FSU (floating storage unit) conversion market, Seatrium has successfully delivered 20 such projects since 2007.