Seatrium Clinches Contract for LNG Carrier Repairs with Hyundai LNG Shipping

Seatrium Limited (referred to as Seatrium or the Group) has secured a Favoured Customer Contract (FCC) with Hyundai LNG Shipping, signifying its inaugural long-term strategic partnership with a prominent Korean Liquefied Natural Gas (LNG) firm for the repair and enhancement of its LNG carriers. The agreement encompasses the refurbishment of a fleet of LNG carriers over the following two years, entailing collaborative efforts in joint planning, as well as the exchange of information and expertise with Hyundai LNG Shipping.

In Korea, Mr. JinChul Hong, Vice President of Hyundai LNG Shipping, and Mr. Alvin Gan, Executive Vice President of Repairs and Upgrades at Seatrium, formally signed the strategic partnership agreement. Together, the two companies will collaborate to pursue sustainable objectives in Quality, Health, Safety, and Environment (QHSE), cost-effectiveness, and punctual deliveries, all of which serve as critical performance benchmarks for top-tier LNG refit maintenance.

Mr. JinChul Hong, Vice President of Hyundai LNG Shipping, expressed, "This strategic partnership signifies a noteworthy milestone for us. Through our collaboration with Seatrium, we aspire to elevate our operational efficiency and uphold the utmost standards of quality, safety, and environmental sustainability in the maintenance of our LNG carriers. Our inaugural LNG retrofit under the FCC agreement, scheduled for repairs at Seatrium’s Admiralty Yard in Singapore, is the Hyundai Utopia in May 2024, and we eagerly anticipate a prosperous and fruitful partnership with Seatrium."

Alvin Gan, Executive Vice President of Repairs and Upgrades at Seatrium, expressed, "We consider it an honor to partner with Hyundai LNG Shipping on this Favoured Customer Contract. This agreement not only highlights our expertise in LNG carrier repairs and upgrades but also underscores our dedication to delivering excellence and innovation in every endeavor. We anticipate a fruitful collaboration that will mutually benefit both parties and drive progress in the LNG industry."

Seatrium holds the global leadership position in the repair and upgrade of LNG carriers, boasting an impressive track record that includes 11 FSRU conversions since 2007. Furthermore, Seatrium accomplished the world’s inaugural Floating Liquefaction vessel (FLNG) conversion in 2017 with the Golar Hilli, which has achieved uninterrupted operation in Cameroon, Africa. Drawing upon its extensive expertise in offshore and marine engineering, the company has solidified its foothold in the burgeoning LNG market.

Hyundai LNG Shipping is tasked with transporting 5.23 million tons of domestic LNG, representing 13% of the annual import volume of 40 million tons. This achievement is attributed to the company's extensive operational expertise in the field. Hyundai LNG Shipping currently operates a fleet of eight LNG carriers, comprising six Moss-type LNG carriers and two Membrane-type LNG carriers. Notably, the fleet includes the two most recent Membrane-type LNG carriers equipped with MEGI Engines, which were added subsequent to receiving the shale gas order in 2014.