en.Wedoany.com Reported - Kinetics LNG owns 11 floating liquefied natural gas infrastructure vessels, including 9 in operation and 2 LNG carriers currently being converted into Floating Storage and Regasification Units (FSRUs) at Singapore's Seatrium shipyard. Established in 2024, the company is headquartered in London, listed on the Oslo Stock Exchange, and serves as the entity under the Karadeniz Group specifically holding FSRU assets.
Among the operating FSRUs, 4 are owned by KARMOL, a 50/50 joint venture between Kinetics LNG and Japan's Mitsui O.S.K. Lines (MOL). According to the first-quarter results released last Friday, the LNGT Oceania was delivered on March 11, 2026, and accepted by charterer One World Fuel Services DMCC, after which the vessel entered its charter period. Following the delivery of LNGT Oceania, the group had a total of 6 vessels in operation in the first quarter of 2026 (excluding vessels under KARMOL).
The LNGT Turkiye entered the shipyard in the third quarter of 2025, and conversion work is progressing as planned. Basic and detailed design have been completed, procurement activities for long-lead and durability items are approximately 90% advanced, with most critical equipment ordered and delivered. Construction activities are about 80% complete, including the completion of mooring system installation and the ongoing installation of the regasification system. The vessel is expected to be delivered in the third quarter of 2026.
Regarding new conversion projects, Kintecis LNG (sic) reported that conversion activities for the LNGT Karadeniz are progressing in line with the overall project schedule. In March this year, Seatrium announced it had secured the conversion contract for this vessel, its eighth FSRU conversion project for Karpowership and Karpowership's first high-capacity FSRU, with a design regasification capacity of 600 million standard cubic feet per day (mmscfd). Basic design activities are approximately 90% complete, procurement of long-lead items is about 70% advanced, and procurement and contracting work is ongoing. Detailed design activities are about 50% complete, including compatibility reviews and site inspections. Procurement and durability work has commenced at approximately 20%, with specification reviews and purchase order processes continuing. The vessel is expected to enter the Seatrium shipyard in June.
In terms of investment, Kinetics LNG recently secured a $125 million investment from Turkish independent private equity firm Actera in the form of redeemable preferred shares, an instrument subordinated to the issuer's existing senior secured bond obligations. The company stated that the transaction marks a significant milestone in its long-term growth strategy and the ongoing evolution of its capital structure, reflecting strong institutional confidence in the issuer's portfolio of floating LNG assets, integrated operating model, and proven project delivery capabilities.
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