Details of the Partnership

Seatrium, a leading offshore marine and energy contractor based in Singapore, has secured a landmark Favoured Customer Contract (FCC) with Hyundai LNG Shipping. This marks the first long-term agreement between Seatrium and a major Korean LNG company. The contract is a pivotal moment for both firms, setting a new standard in LNG carrier repairs and upgrades.

Scope of the FCC Agreement

Under the terms of the FCC, Seatrium will undertake the refit of a series of LNG carriers over the next two years. The agreement includes joint planning, information sharing, and experience exchange with Hyundai LNG Shipping. This collaboration aims to enhance the operational efficiency and sustainability of LNG carrier maintenance.

First Retrofit: Hyundai Utopia

The first vessel scheduled for retrofit under the FCC is the Hyundai Utopia, which will undergo repairs at Seatrium’s Admiralty Yard in Singapore in May 2024. This project underscores the commitment of both companies to maintaining high standards of quality, health, safety, and environmental sustainability in their operations.

Commitment to QHSE Standards

Both Seatrium and Hyundai LNG Shipping are dedicated to achieving top-tier performance in quality, health, safety, and environment (QHSE) standards. By working together, the companies aim to deliver cost-efficient and timely maintenance services. These efforts are expected to contribute significantly to the LNG industry’s advancement in sustainable practices.

Seatrium's Expertise and Track Record

Seatrium has a strong history in the LNG market, having completed 11 FSRU conversions since 2007. Notably, Seatrium converted the world’s first floating liquefaction vessel, Golar Hilli, which operates with 100% uptime in Cameroon. This experience positions Seatrium as a leader in LNG carrier repairs and upgrades.

Impact on the Maritime and LNG Sectors

This FCC deal with Hyundai LNG Shipping is expected to reinforce Seatrium's reputation in the maritime and LNG sectors. By focusing on innovation, sustainability, and high standards, Seatrium and Hyundai LNG Shipping are set to influence the future of LNG carrier maintenance and repair, driving advancements in the energy industry.

Setting a New Benchmark

The landmark FCC agreement between Seatrium and Hyundai LNG Shipping is a major development in the maritime and LNG sectors. Through collaborative efforts and a commitment to excellence, both companies aim to enhance the efficiency and sustainability of LNG carrier maintenance, setting a new benchmark in the industry.

‍