Latest news with #AlvinGan
Yahoo
07-07-2025
- Business
- Yahoo
Kinetics awards seventh FSRU project to Seatrium
Global offshore solution provider Seatrium has secured a contract for a floating storage regasification unit (FSRU) conversion by Kinetics, an energy transition initiative under Karpowership. This follows the option for a fourth project confirmed between two companies in April 2024. Kinetics CEO Mehmet Katmer stated: 'Seatrium's proven track record, engineering expertise and technical capabilities make them an invaluable partner in supporting our mission to deliver reliable and sustainable energy solutions worldwide. This final contract represents a significant milestone in Kinetics' ambition to lead the global FSRU market in the coming years.' The project, set to commence in the third quarter (Q3) of 2025, will see an LNG [liquefied natural gas) carrier (LNGC) converted into a floating storage and regasification unit (FSRU) named LNGT Turkiye. The conversion will encompass the installation of a regasification module - a spread-mooring system. It also involves supporting systems integration, which includes offloading, cargo handling, utility, electrical and automation systems. Kinetics is an energy company that specialises in the building, development, delivery and leasing of floating LNG assets and renewable energy platforms, including battery energy storage systems, intended to meet the requirements of utilities, and independent power producers. Seatrium repairs and upgrades executive vice-president Alvin Gan stated: 'We truly appreciate the trust from Kinetics in awarding us this important seventh FSRU project. This contract is a testament to the successful strategic partnership between our 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 our yard, with deliveries scheduled later this year and in the first quarter of 2026. These projects underscore Seatrium's unwavering commitment to excellence, innovation, and customer satisfaction, further cementing our position as a pioneer and market leader in the specialised FSRU conversion sector.' Singapore-headquartered Seatrium delivers engineering solutions to the global offshore, marine and energy industries. In early 2025, Seatrium won a significant contract from Höegh Evi, Norway, for the conversion of an LNG carrier into an FSRU. "Kinetics awards seventh FSRU project to Seatrium" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Business Times
03-07-2025
- Business
- Business Times
Seatrium secures floating storage regasification unit project from energy company Kinetics
[SINGAPORE] Seatrium has secured a floating storage regasification unit (FSRU) conversion contract from energy company Kinetics, a spin-off from Turkish energy group Karpowership. The project, set to commence in the third quarter of 2025, involves the conversion of a liquefied natural gas carrier into an FSRU named LNGT Turkiye, Seatrium said on Thursday (Jul 3). The scope of work includes the installation of a regasification module, a spread-mooring system and the integration of key supporting systems such as cargo handling, offloading, utility, electrical and automation systems. Alvin Gan, executive vice-president for repairs and upgrades at Seatrium, said that the project is the seventh FSRU partnership between the two companies. Seatrium has delivered four projects for Kinetics to date and it is working on two more FSRU conversion projects, slated to be delivered later this year and in the first quarter of 2026, Gan said. In June, it delivered its fourth FSRU project for Kinetics, the Karmol LNGT Powership Antarctica, he added. Mehmet Katmer, chief executive officer of Kinetics, said that the contract is a 'significant milestone' for the company as it aims to expand its FSRU fleet and become a global leader in the FSRU market in the coming years. Shares of Seatrium were up 0.5 per cent or S$0.01 at S$2.06 as at 9.39 am on Thursday.
Business Times
19-06-2025
- Automotive
- Business Times
Seatrium partners with Solvang, Norway to establish Carbon Capture and Storage systems
[SINGAPORE] Seatrium announced on Thursday (Jun 19) that it had signed of a letter of intent (LOI) with Solvang, Norway for the installation and retrofitting of full-scale Carbon Capture and Storage (CCS) systems. The project is expected to commence in late 2026, where Solvang's new series of very large gas carriers, configured specifically for CCS systems, is set to be the first potential candidate for a full-scale CCS retrofit and integration. It also further supports Solvang in their fleet decarbonisation, following the successful delivery of Clipper Eris in February – the world's first full-scale turnkey retrofit of a seven Megawatt CCS system. The Clipper Eris project saw Seatrium provided turnkey engineering, procurement, and construction solutions for the CCS package. The LOI was formalised during international trade fair Nor-Shipping 2025 in Oslo, Norway in June, as the companies continue to strive towards sustainable maritime solutions. The landmark project is also a highlight of the decade-long partnership between Seatrium and Solvang. Alvin Gan, executive vice-president of repairs and upgrades, Seatrium, said: 'Building on the success of the pioneer project together on Clipper Eris... This step will deepen our resolve as strategic partners in supporting maritime decarbonisation efforts.'
