Seatrium bags floating storage regasification unit conversion contract from Norway’s Hoegh Evi

[SINGAPORE] Seatrium announced on Tuesday (May 13) that it won a floating storage regasification unit (FSRU) conversion contract from Norwegian floating energy infrastructure provider Hoegh Evi for an undisclosed sum.

The contract covers the conversion and longevity of liquefied natural gas (LNG) carrier Hoegh Gandria to a FSRU which includes the installation of a regasification skid, as well as the integration of key supporting systems such as cargo handling, utility, offloading, electrical and automation systems. 

Engineering works for the project will commence this month, and the project is expected to last for about 18 months.

Upon completion, the FSRU LNG will be deployed to the LNG terminal in Port of Sumed, Egypt, under a charter agreement between Hoegh Evi and Egyptian Natural Gas Holding Company.

Hoegh Evi is one of the world’s largest fleets of FSRUs for importing natural gas. 

In February, Seatrium swung back into the black with a net profit of S$120.9 million for the second half ended Dec 31, from a net loss of S$1.8 billion in the same period a year earlier. This marked its first full-year profit since its reconstitution in 2023, along with its H1 turnaround.

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The offshore and marine specialist has more than 60 years of experience of designing and constructing rigs, floaters, offshore platforms and specialised vessels, and repairing, upgrading and converting different ship types. Its key business segments include offshore renewables and new energies, with a growing focus on sustainable solutions to advance global energy transition and maritime decarbonisation.

Shares of Seatrium closed 1 per cent or S$0.02 higher at S$2.03 on Friday.