Seatrium has landed an EPCIC contract from New York-listed Excelerate Energy to convert the LNG carrier Methane Patricia Camila — a vessel Excelerate bought for about $79m — into a floating storage and regasification unit, with an option for a second conversion.

The award marks Seatrium's first FSRU conversion project for Excelerate. Neither party disclosed financial terms.

Engineering work starts in the fourth quarter of 2026, and delivery is scheduled for 2028. Once the yard hands over the unit, it will become the 13th FSRU in Excelerate's fleet.

What does the conversion involve?

The 170,000 cu m vessel will keep its tri-fuel diesel-electric power generation and onboard reliquefaction equipment. Seatrium's scope covers:

• Installing and integrating regasification equipment
• LNG transfer and cargo-handling systems
• Utility and offloading facilities
• Electrical and automation systems
• Marine modifications and related infrastructure

Excelerate has said the carrier's existing power and reliquefaction systems simplify the project and reduce execution risk — the core commercial logic behind choosing a conversion over a newbuild. Buying a secondhand tonnage candidate at roughly $79m and upgrading it at a Singapore yard gives the operator added regasification capacity faster and, presumably, cheaper than ordering a fresh FSRU from a Korean builder.

Why does this deal matter for the yard?

The Excelerate contract follows a separate award from Karpowership to convert LNGT Akdeniz — Seatrium's ninth FSRU project for that customer. The two wins position the Singapore yard group as the go-to contractor for LNGC-to-FSRU conversions at a time when floating regasification is expanding rapidly.

For Excelerate, the project feeds a broader push to grow its floating LNG infrastructure orderbook. Demand for flexible import and regasification capacity keeps rising, and converted FSRUs remain the fastest route to market for countries and buyers that lack terminal infrastructure or want interim capacity.

For shipowners and charterers watching the segment, the deal signals that conversion activity — not just newbuild orders — is absorbing LNG carrier tonnage, tightening the pool of suitable candidates for similar projects. Operators holding modern, diesel-electric carriers with reliquefaction capability now hold assets with a credible second life as regasification platforms.

The forward pipeline points one way: with engineering kicking off in Q4 2026 and delivery in 2028, Excelerate's fleet will grow to 13 FSRUs just as flexible import demand keeps building — and Seatrium's conversion orderbook, now spanning two major floating-regas operators, looks set to grow further if the option on a second unit is exercised.