Seatrium has won a contract from Turkey's Karpowership to convert a new floating storage regasification unit - its eighth such project from this regular customer.
The contract value was not disclosed.
Türkiye-based Karpowership, a subsidiary of the conglomerate Karadeniz Holding, is known as the world’s largest floating power plant fleet, also known "powerships".
Under a letter of intent signed with Karpowership last August, Seatrium will undertake works including the conversion, life extension and repairs of three LNG carriers into FSRUs.
Seatrium will also help with the integration of four new-generation powerships with an option for two additional units.
Works on the latest contract will begin in the third quarter of this year.
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Alvin Gan, Seatrium's executive vice president for repairs and upgrades says this contract win reinforces the company's global leadership in this niche, as it has done over 90% of the world’s FSU/FSRU conversions.
"To date, we have delivered six FSRU conversions for Karpowership, and we are excited to collaborate closely with Karpowership to advance next-generation Powerships and offshore solutions, amidst unsatiable demand for energy and ongoing transition towards cleaner energy globally," he adds.
"This latest contract underscores the confidence we place in Seatrium and marks an important milestone in Karpowership’s ambition to lead the global FSRU market in the coming years,” says Gokhan Kocak, Karpowership's chief technical operations officer.
Seatrium shares closed at $2.33 on March 6, up 0.43%.
