SINGAPORE – Mainboard-listed offshore and marine player Seatrium announced on Oct 27 a collaboration with global energy company Karpowership to develop floating power and infrastructure solutions in Singapore.
The parties said that they intend to “progress discussions in the coming months towards the formation of a joint venture”, and that the cooperation could be extended to the wider South-east Asia market.
They aim to “create an integrated platform combining infrastructure development, financing, engineering, construction and operations”.
The memorandum of understanding signed between the parties establishes a framework for the joint development of “rapidly deployable” solutions in Singapore, potentially including power ships, floating data centres, turbine-based or hybrid vessels and floating nuclear solutions.
The signing was announced at Singapore International Energy Week 2026, and was witnessed by Minister for Energy, Trade and Industry (Energy and Industry) Tan See Leng.
Seatrium and Karpowership described themselves as sharing “a longer-term ambition to bolster Singapore’s position… as a resilient regional hub for rapidly deployable energy and digital infrastructure solutions”.
Seatrium chief executive Chris Ong said the partnership “represents a strategic opportunity to extend our role across the energy infrastructure value chain”.
Orhan Remzi Karadeniz, CEO of Karpowership, said: “Access to reliable power increasingly determines where industries invest, how economies grow and how quickly digital ambitions become reality.”
Karpowership owns and operates the world’s only fleet of power ships, with 45 of these being “floating power plants that can be deployed to provide electricity to markets requiring additional generation capacity”.
The company also offers floating liquefied natural gas (LNG) solutions, with a fleet of 12 such assets, including ones in the pipeline, composed of floating storage regasification units and LNG carriers.
Seatrium shares ended Oct 27 flat at $1.82 before the announcement. THE BUSINESS TIMES
