Seatrium Limited (Seatrium, or the Group) has successfully clinched a Favoured Customer Contract (FCC) with Hyundai LNG Shipping, marking its first long-term strategic partnership agreement with a leading Korean Liquefied Natural Gas (LNG) company for the repairs and upgrades of its LNG carriers. The contract includes the refit of a series of LNG carriers over the next two years, with responsibilities in joint planning, information and experience sharing with Hyundai LNG Shipping.
Mr JinChul Hong, Vice President, Hyundai LNG Shipping
The strategic partnership agreement was signed in Korea by Mr JinChul Hong, Vice President, Hyundai LNG Shipping and Mr Alvin Gan, Executive Vice President, Repairs and Upgrades, Seatrium. The two companies will jointly work towards achieving sustainable targets in the areas of Quality, Health, Safety and Environment (QHSE), cost efficiency and timely deliveries, which are key performance indicators for high-quality LNG refit maintenance.
Mr JinChul Hong, Vice President, Hyundai LNG Shipping, said, “This strategic partnership marks a significant milestone for us. By collaborating with Seatrium, we aim to enhance our operational efficiency and instill the highest standards of quality, safety, and environmental sustainability in the maintenance of our LNG carriers. Our first LNG retrofit under the FCC agreement scheduled for repairs in Seatrium’s Admiralty Yard in Singapore is the Hyundai Utopia in May 2024, and we look forward to a fruitful and successful partnership with Seatrium.”
Mr Alvin Gan, Executive Vice President, Repairs and Upgrades, Seatrium, said, “We are honoured to partner with Hyundai LNG Shipping on this Favoured Customer Contract. This agreement not only underscores our leadership in LNG carrier repairs and upgrades but also reflects our commitment to delivering excellence and innovation in every project we undertake. We look forward to a successful collaboration that will benefit both parties and contribute to the advancement of the LNG industry.”
Seatrium is the world’s leader in repairs and upgrades of LNG carriers, including holding an extensive track record of 11 FSRU conversions since 2007. In addition, Seatrium converted the world’s first Floating Liquefaction vessel (FLNG) in 2017, the Golar Hilli, which is operating with a 100% uptime in Cameroon, Africa. Leveraging its deep expertise in offshore and marine engineering, the Group has established a strong presence in the expanding LNG market.