Seatrium secures deal for LNG carrier repairs from Hyundai LNG Shipping

Singapore-based Seatrium announced on May 21 that it had secured a contract with Hyundai LNG Shipping to manage the repairs and upgrades of its LNG carriers over the next two years. This agreement entails the refit of a series of LNG carriers, with joint planning and information sharing between Seatrium and Hyundai LNG Shipping.

The first retrofit under this contract will involve the LNG carrier Hyundai Utopia, scheduled for repairs at Seatrium’s Admiralty Yard in Singapore this month.

In April, Seatrium signed a series of contracts worth S$350mn ($259mn). The contracts, scheduled for completion by the end of 2025, encompass a range of projects, including the conversion of three LNG carriers into FSRUs for Turkey’s Karpowership. This contract has an option for a fourth project.

Seatrium has established itself as a leader in the repair and upgrade of LNG carriers, with a notable track record that includes 11 FSRU (floating storage and regasification unit) conversions since 2007. Additionally, Seatrium converted the world's first floating liquefaction vessel (FLNG), the Golar Hilli, in 2017, which is currently operating in Cameroon, Africa.

Hyundai LNG Shipping currently transports 5.23mn tonnes of domestic LNG, accounting for 13% of South Korea's annual LNG import volume of 40mn tonnes. The company operates a total of eight LNG carriers, comprising six Moss-type LNG carriers and two Membrane-type LNG carriers.