Seatrium Lands Ninth FSRU Conversion Deal with Karpowership
Seatrium Limited has secured its ninth contract to convert a vessel into a Floating Storage and Regasification Unit (FSRU) for Karpowership, reinforcing a partnership that began in 2018. The latest deal involves the conversion of the LNG carrier LNGT Akdeniz into an FSRU capable of regasifying up to 600 million standard cubic feet per day (MMscfd) of natural gas. Seatrium will handle engineering, vessel conversion, and installation of regasification systems, with work set to begin in the first quarter of 2027.
The contract follows the successful delivery of seven previous FSRU projects and the ongoing conversion of an eighth vessel, LNGT Karadeniz. The latest agreement is part of an earlier Letter of Intent that includes provisions for up to six next-generation Powerships. Once completed, Karpowership's LNG fleet is expected to grow to 12 vessels, supporting its energy transition initiative, Kinetics.
Seatrium brings extensive experience to the project, having completed 22 FSRU and Floating Storage Unit (FSU) conversion projects since 2007. The company's expertise in marine engineering and LNG infrastructure supports customers looking to expand gas-import and regasification capacity without relying solely on newbuild facilities. Gokhan Kocak, Chief Technical Operations Officer at Karpowership, emphasized the importance of FSRU deliveries in providing reliable energy solutions in markets prioritizing energy security.
The project is expected to enhance Karpowership's LNG handling and regasification capabilities, potentially improving natural gas availability and supply flexibility in importing markets. This could support gas-fired power generation and industrial operations, including energy-intensive chemical manufacturing. However, any impact on chemical commodity prices will depend on regional gas benchmarks, LNG trade flows, and other market factors, with no immediate supply increase expected due to the 2027 project start date.