Latest news with #LNGTTurkiye
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
03-07-2025
- Business
- Business Times
Stocks to watch: Seatrium, Ban Leong, Oiltek, Addvalue
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Thursday (Jul 3): Seatrium : The group has secured a floating storage regasification unit (FSRU) conversion contract from energy company Kinetics. The project will commence in the third quarter of 2025 and involves the conversion of a liquefied natural gas carrier into an FSRU named LNGT Turkiye. It is the seventh FSRU partnership between the two companies. Shares of Seatrium were up 1 per cent or S$0.02 at S$2.05 as at 9.10 am on Thursday. Ban Leong Technologies : Video game distributor Epicsoft Asia's voluntary unconditional cash offer to take the technology products distributor private closed at 5.30 pm on Wednesday. The offeror now owns, controls or has agreed to acquire 104.1 million or 96.6 per cent of Ban Leong's total issued shares and plans to compulsorily acquire all remaining unacquired shares and delist the group. Epicsoft Asia is a subsidiary of Nasdaq-listed GCL Global. As Ban Leong no longer meets the Singapore Exchange's 10 per cent free float requirement, its shares will be suspended from 9 am on Thursday. The counter closed flat on Wednesday at S$0.595, before the announcement. Oiltek : The vegetable and edible oil processing company is supporting a sustainable aviation fuel pilot plant programme by global technology provider Sulzer, who will be in collaboration with the Sarawak Economic Development Corporation (SEDC). This programme will be executed through SEDC's new energy arm, SEDC Energy (SEDCE). The group said in a statement on Thursday it is in talks with SEDCE to explore the possibilities of involvement in the initiative, but that as at Thursday no definitive agreements have been entered into, and no formal plans have been finalised or approved by its board. Its shares closed flat at S$0.56 on Wednesday. Addvalue Technologies : The group announced on Thursday that it has secured several new orders totalling around US$1.5 million for its advanced digital radio-related business. These orders are for the supply of the company's proprietary highly compact software defined radio modules to customers in the defence technology industry. They will also increase Addvalue's order book from US$14.3 million as announced on Jun 26, to US$15.8 million. The counter closed flat at S$0.015 on Wednesday.
