Seatrium Secures FSRU Conversion Contract from Kinetics

Seatrium has been awarded a floating storage regasification unit (FSRU) conversion contract from Kinetics, an energy transition initiative by global floating power company Karpowership.

This award follows Kinetics’ confirmation of the option for a fourth FSRU conversion project with Seatrium, announced in April 2024, the award of three LNG carrier (LNGC) conversions into FSRUs for the company, with an option for a fourth project.

While Kinetics is on track to become one of the major owners of floating LNG assets globally, Karpowership—the initiator behind its launch—operates an extensive portfolio of powerships and land-based power plants.

Scheduled to commence in the third quarter of 2025, the project involves the conversion of an LNGC into an FSRU named LNGT Turkiye. The scope of 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.

The seventh FSRU project awarded from Kinetics, this contract is a testament to the successful strategic partnership between both 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 the Group's yard,