Singapore – October 28, 2026 -- Seatrium Limited and Karpowership signed a Memorandum of Understanding to pursue a joint venture for floating power and digital infrastructure in Singapore, with possible expansion across Southeast Asia. The agreement was announced at Singapore International Energy Week 2026 and witnessed by Dr. Tan See Leng, Singapore's Minister for Energy, Trade and Industry (Energy and Industry).
Joint venture would cover development, financing, engineering and operations
The partners plan an integrated platform spanning infrastructure development, financing, engineering, construction and operations. Seatrium contributes offshore engineering, procurement, construction and systems integration. Karpowership contributes experience in developing, financing, owning and operating floating power and digital infrastructure, including behind-the-meter power for super intelligence.
The framework covers rapidly deployable solutions that may include Powerships, floating data centres, turbine-based or hybrid vessels and floating nuclear solutions. Seatrium CEO Chris Ong cited hydrogen-ready power generation among the technologies under consideration.
Singapore's 95% gas dependence and 11.4 GW demand outlook drive the push
Natural gas accounts for approximately 95% of Singapore's electricity generation, according to the Energy Market Authority (EMA). The source cites continued disruptions to global fuel supplies as reinforcing the need to diversify energy sources.
EMA projects peak electricity demand will grow 2.4% to 4.8% annually, reaching up to 11.4 gigawatts by 2031. Transport electrification, semiconductor manufacturing and data centres are among the drivers.
Regionally, the 9th ASEAN Energy Outlook attributes 20% of projected electricity demand growth over the next five years to data centres.
Seatrium has delivered seven FSRU conversions to Karpowership since 2018
The MoU extends the companies' relationship from individual asset deliveries to joint development of infrastructure opportunities. The 8th and 9th FSRU conversions were awarded this year. In October, Seatrium also secured a contract to develop and integrate Karpowership's hydrogen-ready, third-generation Whale Class Powerships.
Karpowership owns and operates the world's only Powership fleet, comprising 45 floating power plants. CEO Orhan Remzi Karadeniz said the aim is to deliver power "where and when it is needed." He added that Karpowership's partnerships now extend to hyperscalers.
The parties will advance joint venture discussions in the coming months. Any venture remains subject to negotiation and execution of definitive agreements and the necessary approvals.