Seatrium, on July 3, announced that it has been awarded a floating storage regasification unit (FSRU) conversion contract from Kinetics. Kinetics is an energy transition initiative by Turkish global floating power leader Karpowership.
The contract win comes after Kinetics confirmed the option of a fourth FSRU conversion project with Seatrium in April.
The project, which is slated to begin in 3Q2025, involves the conversion of a liquefied natural gas (LNG) carrier into an FSRU named LNGT Turkiye. The work includes the installation of a regasification module, a spread-mooring system, and integration of key supporting systems such as cargo handling, offloading, utility, electrical, and automation systems.
“We truly appreciate the trust from Kinetics in awarding us this important seventh FSRU project,” says Alvin Gan, executive vice president, repairs and upgrades at Seatrium.
“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,” he adds.
“We are pleased to strengthen our excellent partnership with Seatrium as we expand our FSRU fleet to meet the highest industry standards,” says Mehmet Katmer, CEO of Kinetics.
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“This final contract represents a significant milestone in Kinetics’ ambition to lead the global FSRU market in the coming years,” he adds.
Shares in Seatrium closed at $2.05 on July 2.
