Singapore’s Seatrium has secured a series of repair and conversion contract from the offshore, LNG and cruise sectors worth a total of SGD 350m ($260m).
The largest deal will see it convert three LNG carriers into floating storage and regasification units for Turkey’s Karpowership, with an option for a fourth project.
The conversion work involves installing a regasification skid, as well as cargo, utility, spread-mooring, offloading, electrical and automation systems.
The work, which is due to start in this quarter, follows on from three previous conversion contracts Seatrium carried out for Karpowership on the Karmol LNGT Powership Asia (built 1991), Karmol LNGT Powership Africa and Karmol LNGT Powership Europe (both built 1994).
Seatrium will also retrofit 10 cruise vessel in 2024 for industry giants Carnival Corp and Royal Caribbean Group.
Six of these will be Carnival ships: the 2,670-berth Diamond Princess (built 2004), 2,600-berth Pacific Adventure (built 2001), 3,000-berth Carnival Splendor (built 2008), 4,000-berth Carnival Panorama (built 2019), 2,000-berth Coral Princess (built 2002) and 1,918-berth Noordam (built 2006).
The four Royal Caribbean Group ships visiting Seatrium’s Singapore facilities will be the 3,386-berth Navigator of the Seas (built 2002), 4,246-berth Spectrum of the Seas (built 2019), 4,180-berth Quantum of the Seas (built 2014) and 1,950-berth Celebrity Millennium (built 2000).
“Playing a vital role in cruise ship repairs, upgrades and refurbishment, Seatrium is well-positioned to capture growing opportunities in this market segment, with the strong growth in global cruise tourism especially in Asia,” the company said.
Other visitors to Seatrium’s facilities this year will be Woodside Energy’s converted floating production storage and offloading system Pyrenees Venture (built 2007).
The vessel, which was originally converted from a suezmax tanker, will undergo maintenance and upgrade work for MODEC Management Services, which operates it under a 15-year contract from Woodside.
Work is due to begin in this quarter and the vessel is expected to be redeployed into production off the coast of Western Australia.
Other major repairs in 2024 include dry-dockings for a series of LNG carriers owned by South Korea’s Hyundai LNG Shipping and work on Japan Drilling’s semi-submersible drilling rig Hakuryu 5 (built 1977).
Late last month, Seatrium identified the repair and upgrade segment as a key market, alongside offshore production assets, green technology and carbon capture and storage.
It estimates that repair and upgrade work could be worth SGD 20bn to SGD 30bn per year while offering resilience against oil and gas cycles.
Seatrium aims to grow its market share in this segment by three to four times in the next five years. Older tankers and cruise ships are among the key targets.
It also sees a huge market — potentially up to 58,000 vessels by 2040 — for retrofits to improve fuel efficiency and reduce emissions, worth in the region of SGD 90bn.
