Singapore-based Seatrium has secured a notable contract from South Korea’s Hyundai LNG Shipping for the repair and upgrade of its LNG carriers. Formerly known as Sembcorp Marine and rebranded as Seatrium post-merger with Keppel Offshore & Marine, the company revealed in a statement that this significant deal marks its inaugural long-term strategic partnership agreement with a prominent Korean LNG entity for the enhancement of LNG carrier capabilities.
The contract entails a comprehensive refit program for a series of LNG carriers over the next two years. Seatrium emphasizes its commitment to collaborative planning, knowledge exchange, and leveraging shared expertise with Hyundai LNG Shipping throughout the project duration.
While the financial specifics of the agreement remain undisclosed, Seatrium refrained from disclosing the exact value of the deal.
The initial LNG retrofit under the contract is slated for the 1994-built 125,182-cubic meter steam LNG carrier, Hyundai Utopia, scheduled for repair at Seatrium’s Admiralty yard in Singapore in May 2024.
According to information from Hyundai LNG Shipping’s website, the company presently operates eight LNG carriers, alongside one LNG bunkering vessel. The fleet comprises six Moss-type LNG carriers and two membrane-type LNG carriers equipped with ME-Gi engines. Additionally, Hyundai LNG Shipping has eight LNG carriers on order in South Korea, as indicated on its website.
This latest contract win further solidifies Seatrium’s foothold in the LNG carrier sector. Notably, Seatrium recently clinched a contract from Türkiye’s Karpowership for the conversion of three LNG carriers into floating storage and regasification units, with an option for a fourth LNG carrier. Prior to these achievements, Seatrium extended its long-term favored customer contract with entities of Greece’s LNG shipping company GasLog and UK-based LNG behemoth Shell. The renewed agreement entails ship repairs, refurbishments, and upgrades for their LNG carriers spanning from 2024 to 2029, inclusive of an option for further extension.