Excelerate Taps Seatrium for 170,000 Cubic Metre FSRU Conversion

Excelerate Energy, the Texas-headquartered LNG and power infrastructure company, has turned to Singapore's Seatrium for its next floating asset, signing the offshore and marine engineering firm to convert an LNG carrier into a floating storage and regasification unit.

The full-scope engineering, procurement, construction, installation, and commissioning (EPCIC) agreement also carries an option covering a second vessel conversion. For Seatrium, the award is its first EPCIC FSRU conversion contract with the U.S. company. Once delivered, the vessel will join Excelerate's fleet as its 13th FSRU.

From LNG carrier to regasification unit

Seatrium's responsibilities under the contract span the full transformation of the carrier.

The scope covers regasification facilities, LNG transfer and cargo handling systems, utility and offloading systems, electrical and automation systems, and marine modifications, together with the supporting infrastructure needed to bring the ship into service as a fully operational FSRU.

Engineering work is scheduled to begin in the fourth quarter of 2026, and the completed conversion is expected to be delivered in 2028.

170,000 cubic meters of storage on board

The finished unit is specified at 170,000 cubic meters of LNG storage capacity.

It will also be equipped with TFDE power generation and reliquefaction technology, features Excelerate says will enhance asset performance and broaden the range of opportunities the vessel can serve.

What the executives said

David Liner, Executive Vice President and Chief Operating Officer at Excelerate Energy, framed the award as an important investment in the continued growth of the company's LNG infrastructure portfolio and its ability to provide reliable downstream LNG infrastructure to customers globally.

"Upon completion, the vessel will become the 13th FSRU in our fleet and will expand the reach and capabilities of our LNG infrastructure platform. We look forward to working with Seatrium to deliver a high-quality asset that supports our long-term growth and strengthens energy security in the markets we serve," Liner said.

At Seatrium, Alvin Gan, Executive Vice President of Repairs and Upgrades, described the deal as a landmark FSRU conversion project through which the company will support Excelerate's infrastructure growth ambitions.

"Leveraging our deep engineering expertise and proven track record, we will transform this vessel into critical LNG infrastructure. As demand for secure and lower-carbon solutions continues to grow, we see a significant role Seatrium can play in offering scalable, cost-effective solutions to strengthen LNG value chains worldwide. We thank Excelerate Energy for their trust and look forward to delivering this project to the highest standards of safety, quality and reliability," Gan said.

Seatrium's conversion pipeline beyond Excelerate

The Excelerate deal adds to a busy period for Seatrium in the floating LNG segment. Since 2007, the company has completed 22 FSRU, FLNG, and FSU conversion projects.

Its most recent prior award came from Karpowership, covering the ninth FSRU conversion in their partnership, LNGT Akdeniz, which will join the LNG fleet of Kinetics, a Karpowership energy transition initiative.

That contract followed the delivery of seven FSRUs since 2018 and work continuing on LNGT Karadeniz, the eighth project in the partnership, which is under conversion after the recent naming and sail-away of LNGT Türkiye.