Excelerate Energy, a U.S.-based liquefied natural gas (LNG) and power infrastructure firm headquartered in Texas, has awarded Singapore-headquartered offshore and marine engineering company Seatrium a full-scope engineering, procurement, construction, installation, and commissioning (EPCIC) contract to convert a liquefied natural gas (LNG) carrier into a floating storage and regasification unit (FSRU).

The agreement includes an option for a second vessel. Once complete, the vessel will become the 13th FSRU in Excelerate's global fleet. The deal also marks Seatrium's first EPCIC FSRU conversion project for the U.S. player.

Scope of work and timeline

Under the EPCIC contract, Seatrium's scope encompasses regasification facilities, LNG transfer and cargo handling systems, utility and offloading systems, electrical and automation systems, marine modifications, and the associated infrastructure required to transform the LNG carrier into a fully operational FSRU.

Engineering activities are expected to begin in the fourth quarter of 2026, with estimated delivery of the conversion in 2028.

What the completed vessel will offer

Upon completion, the high-capability FSRU will combine 170,000 cubic meters of LNG storage capacity, TFDE power generation, and reliquefaction technology to enhance asset performance and expand the range of opportunities it can serve.

Executive perspectives

David Liner, Executive Vice President and Chief Operating Officer of Excelerate Energy, said the conversion represents an important investment in the continued growth of Excelerate's LNG infrastructure portfolio and the company's 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," Liner said.

Alvin Gan, Executive Vice President of Repairs and Upgrades at Seatrium, said the company is proud to support Excelerate Energy's infrastructure growth ambitions through what he described as a 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," Gan said.

Seatrium's FSRU conversion track record

Seatrium has completed 22 FSRU, FLNG, and FSU conversion projects since 2007. The company recently secured a deal for Karpowership's ninth FSRU conversion project, LNGT Akdeniz, which will form part of the LNG fleet of Kinetics, a Karpowership energy transition initiative.

That contract follows the delivery of seven FSRUs since 2018 and the ongoing conversion of LNGT Karadeniz, the partnership's eighth FSRU project after the recent naming and sail-away of LNGT Türkiye.

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