The Singapore-based shipyard group Seatrium has received an order from ship manager Kinetics to convert an LNG vessel into a floating tank farm.
The agreement follows an option for a fourth conversion project announced in April 2024. The original contract included three ships. In October, the company also secured additional orders valued at $100 million.
Work on the project is scheduled to begin in the third quarter of 2025, Seatrium announced. The converted FSRU (Floating Storage and Regasification Unit) will be named “LNGT Turkiye.”
The scope of work includes the installation of a regasification module, a spread mooring system, and the integration of key support systems such as cargo handling, offloading, utility, electrical, and automation systems.
This is the seventh FSRU project awarded by Karpowership’s subsidiary Kinetics. Four of these have been delivered so far: “Karmol LNGT Powership Africa,” “Asia,” “Europe,” and most recently “Antarctica.” Two additional conversion projects are currently underway at the Seatrium shipyard, with deliveries scheduled for the end of this year and the first quarter of 2026. Since 2007, the Singaporean company has completed 21 FSRU and FSU conversions.
