On October 8, Seatrium Limited (hereinafter referred to as “Seatrium” or “the Group”) announced the signing of an FSRU (Floating Storage and Regasification Unit) conversion contract with Excelerate Energy, Inc. (NYSE: EE), a global leader in the FSRU industry, which includes an option for a subsequent contract.
Under the EPCIC1 contract, Seatrium’s scope encompasses regasification facilities, LNG transfer and cargo handling systems, utility and offloading systems, electrical and automation systems, marine modifications, and associated infrastructure required to transform the LNG carrier into a fully operational FSRU.
Engineering activities are expected to commence in the fourth quarter of 2026, with an estimated delivery of the conversion in 2028. Once completed, the high-capability FSRU will combine 170,000 cubic metres of LNG storage capacity, TFDE power generation and reliquefaction technology to enhance asset performance and expand the range of opportunities it can serve.
With a track record of 22 successful FSRU, FLNG and FSU conversion projects since 2007, Seatrium continues to set the benchmark for complex floating LNG infrastructure solutions.
Mr David Liner, Executive Vice President and Chief Operating Officer, Excelerate Energy, said, “This conversion represents an important investment in the continued growth of Excelerate’s LNG infrastructure portfolio and our ability to deliver reliable downstream LNG infrastructure to customers worldwide. Upon completion, the vessel will become the 13th FSRU in our fleet and will expand the reach and capabilities of our LNG infrastructure platform. We look forward to working with Seatrium to deliver a high-quality asset that supports our long-term growth and strengthens energy security in the markets we serve.”
Mr Alvin Gan, Executive Vice President, Repairs and Upgrades, Seatrium, said, “We are proud to support Excelerate Energy’s infrastructure growth ambitions through this landmark FSRU conversion project. Leveraging our deep engineering expertise and proven track record, we will transform this vessel into critical LNG infrastructure. As demand for secure and lower carbon solutions continues to grow, we see a significant role Seatrium can play in offering scalable, cost-effective solutions to strengthen LNG value chains worldwide. We thank Excelerate Energy for their trust and look forward to delivering this project to the highest standards of safety, quality and reliability.”