Seatrium Wins Karpowership's Ninth FSRU Conversion, LNGT Akdeniz, With 600 MMscfd Capacity

Seatrium Limited has been awarded the conversion of LNGT Akdeniz, a ninth Floating Storage Regasification Unit project for strategic partner Karpowership, the companies announced from Singapore on October 5, 2026. The vessel will join the LNG fleet of Kinetics, Karpowership's energy transition initiative, and the award comes on the heels of the naming and sail-away of LNGT Türkiye.

What the Conversion Involves

The LNGT Akdeniz project calls for an LNG carrier to be converted into an FSRU, with work set to begin in the first quarter of 2027. Seatrium's scope covers the engineering, conversion, integration, installation and commissioning of regasification equipment and associated systems.

Alvin Gan, Executive Vice President, Repairs and Upgrades at Seatrium, said the vessel will have a regasification capacity of up to 600 MMscfd. He said it will play a vital role in supporting reliable and flexible energy supply. On completion, LNGT Akdeniz will strengthen LNG import and regasification capabilities in its target market, supporting energy security and a reliable supply of cleaner energy.

Second Unit in a Next-Generation Series

Gan described LNGT Akdeniz as the second unit in Karpowership's next-generation FSRU series and called the award a testament to the strength of the collaboration between the two companies. He said it further reinforces Seatrium's position as a global leader in floating LNG infrastructure solutions.

Seven Delivered, One Under Way

The award follows the delivery of seven FSRUs since 2018 and the ongoing conversion of LNGT Karadeniz, which is the eighth FSRU project between the partners. Gan characterised the relationship as one that began as a bold vision in 2018 and has since developed into a strong and enduring partnership built on trust, shared success and a commitment to excellence.

Second Project Under the Letter of Intent

Following the award of LNGT Karadeniz, LNGT Akdeniz is the second project to emerge from the previously announced Letter of Intent between Seatrium and Karpowership. Besides three FSRU conversions, the LOI also provided for the potential integration of up to six new-generation Powerships. According to the announcement, this creates opportunities for both companies to support evolving global energy needs through integrated floating energy solutions.

Karpowership Points to LNG-to-Power Growth

Gokhan Kocak, Chief Technical Operations Officer at Karpowership, said the successful delivery of LNGT Türkiye and the award of LNGT Akdeniz are important milestones in the continued growth of the company's LNG-to-Power business.

In his words, the FSRUs together strengthen Karpowership's ability to provide reliable and flexible energy solutions to markets where energy security is critical. Kocak said Seatrium has been a key enabler of this journey, consistently delivering high-quality FSRU conversions that support Karpowership's operational requirements and long-term growth plans. He added that, as global demand for flexible energy infrastructure continues to grow, Karpowership looks forward to advancing its ongoing projects and exploring new opportunities with Seatrium.

Fleet Sizes and Conversion Record

Seatrium has completed 22 successful FSRU and FSU conversion projects since 2007. The announcement credits this record with positioning the Group as a global leader in floating LNG infrastructure solutions and with setting industry benchmarks in engineering excellence and project execution. Karpowership operates the world's only Powership fleet, which comprises 45 vessels.

With the addition of LNGT Akdeniz, Kinetics will expand its LNG fleet to 12 vessels. The announcement states that together these capabilities reinforce the companies' ability to deliver integrated floating power and LNG infrastructure across global markets.

Karpowership Company Profile

Karpowership describes itself as a global energy company specializing in fast-track and integrated power solutions. Its 45 Powerships have a total installed capacity exceeding 8,500 MW, and the company delivers turnkey energy solutions wherever and whenever they are needed.

As the only owner, operator, and builder of the world's only Powership fleet, it offers a plug-and-play solution that can be connected directly to the grid and begin generating electricity in less than 30 days. Beyond its Powerships, Karpowership offers floating LNG solutions through a fleet of 12 LNG assets, including those in the pipeline, made up of FSRUs and LNG carriers.

The company says its LNG-to-Power model supports a cleaner and more flexible energy future. With more than 30 years of experience, it states that it remains committed to delivering sustainable, reliable power to nations and communities beyond the grid.

Seatrium Company Profile

Headquartered and listed in Singapore, Seatrium Limited is a leading provider of specialised engineering solutions for the global offshore, marine and energy sectors. The company says it plays a pivotal role in delivering offshore energy infrastructure assets globally that form the backbone of some of the world's essential energy systems. With over 60 years of proven expertise, Seatrium operates across 15 countries through an integrated network of advanced yards and engineering and technology centres.