Seatrium Secures Eighth FSRU Conversion Contract with Karpowership, Reinforcing Global Leadership in LNG-to-Power Market

Key Highlights for Investors

• Major Contract Win: Seatrium Limited announced the award of its eighth Floating Storage Regasification Unit (FSRU) conversion contract from Karpowership, a long-standing client and operator of the world’s largest Powership fleet.
• Strengthening Market Leadership: This win further cements Seatrium’s position as the global leader in FSU/FSRU conversions, with the company having executed over 90% of the world’s conversion projects in this segment.
• Potential Share Price Catalyst: The continued partnership and expanding contract pipeline with Karpowership underscores Seatrium’s industry reputation, technical capabilities, and potential for recurring revenue, all of which could be viewed positively by shareholders and the market.

Detailed Overview of the Announcement

Seatrium Limited (SGX-listed) has secured a significant contract from Karpowership for the conversion of a new FSRU, following a prior letter of intent signed in August 2025. This marks the company’s eighth FSRU conversion for Karpowership, and involves a comprehensive scope:

• Conversion, life extension, and repairs of three LNG carriers (LNGCs) into FSRUs
• Integration of four new-generation Powerships, with options for two additional units

The flagship project under this contract, LNGT Karadeniz, will be Karpowership’s first high-capacity FSRU, engineered to deliver up to 600 million standard cubic feet of gas per day. Work is scheduled to commence in the third quarter of 2026 and will involve:

• Installation of an advanced regasification module
• Implementation of a spread-mooring system
• Integration of critical supporting systems including cargo handling, LNG offloading, utilities, electrical distribution, and advanced automation and control systems

Strategic Importance and Shareholder Value

Seatrium’s track record now stands at 23 FSRU and FSU conversions delivered worldwide, underscoring its deep engineering expertise, reliable execution, and strong project management capabilities. According to the company, it has delivered six FSRU conversions for Karpowership to date and is poised to support the Turkish energy leader’s global ambitions in the LNG-to-power market.

The contract is not only a testament to Seatrium’s strategic relationship with Karpowership but also highlights the company’s ability to capitalize on the strong and growing demand for LNG infrastructure and cleaner energy solutions. As the global energy transition accelerates, Seatrium’s technical leadership and integrated offerings make it a preferred partner for energy majors and asset owners.

Potential Share Price Impact: The latest contract win, coupled with the completion and delivery of the FSRU LNGT Powership Oceania, signals sustained order momentum and operational excellence. These factors could positively influence investor sentiment and potentially drive Seatrium’s share price higher, especially given the scale and recurring nature of its business with Karpowership and other energy infrastructure players.

About Seatrium Limited

Headquartered in Singapore, Seatrium is a leading global provider of specialized engineering solutions for the offshore, marine, and energy sectors. The company’s core segments include Oil & Gas Newbuilds and Conversions, Offshore Wind, and Repairs & Upgrades. It operates in 15 countries with over 24,000 employees and maintains longstanding relationships with the world’s largest energy majors and transmission system operators.

Seatrium is also advancing new technologies in areas such as carbon capture & storage and new energies, positioning itself as a critical enabler in the global energy transition.

About Karpowership

Karpowership is a global energy company specializing in fast-track, plug-and-play power solutions. It owns and operates a fleet of 45 Powerships with a total installed capacity exceeding 8,000 MW, in addition to a growing LNG asset base. The company’s LNG-to-Power model is designed for cleaner, more flexible energy delivery worldwide.

Investor Considerations

• The expansion of Seatrium’s FSRU portfolio strengthens its recurring revenue base and reinforces its global competitive advantage.
• The ongoing collaboration with Karpowership and successful project deliveries point to robust order book visibility and potential earnings upside.
• The company’s leadership in high-value, complex engineering solutions positions it well to capture further opportunities in the growing LNG-to-power and energy transition markets.
• Shareholders should monitor updates on the timing and execution of the new contracts, as successful delivery will be critical for sustained value creation.

Contact Information

Seatrium
Amelia Lee, Head, Investor Relations & Corporate Communications
Tel: +65 6803 0053
Email: [email protected]
Clarissa Ho, Senior Manager, Investor Relations and Corporate Communications
Tel: +65 6803 0276
Email: [email protected]

Karpowership
Karen Kumbasar, Corporate Communications Co-ordinator
Email: [email protected]
Elif Tozlu, Corporate Communications Manager
Email: [email protected]

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investors should conduct their own due diligence and consult their financial advisors before making any investment decisions. The author and publisher are not responsible for any losses or damages arising from the use of this information.

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