SINGAPORE, Oct. 5, 2026 /PRNewswire/ -- Following the successful naming and sail away of LNGT Türkiye, Seatrium Limited ("Seatrium" or the "Group") and its strategic partner Karpowership are advancing their long-standing collaboration with the ninth Floating Storage Regasification Unit ("FSRU") conversion project, LNGT Akdeniz. The vessel will form part of the LNG fleet of Kinetics, Karpowership's energy transition initiative. The award follows the delivery of seven FSRUs since 2018 and the ongoing conversion of LNGT Karadeniz, the partnership's eighth FSRU project.
Mr Gokhan Kocak, Chief Technical Operations Officer, Karpowership, said, "The successful delivery of LNGT Türkiye and the award of LNGT Akdeniz are important milestones in the continued growth of Karpowership's LNG-to-Power business. Together, these FSRUs strengthen our ability to provide reliable and flexible energy solutions to markets where energy security is critical. Seatrium has been a key enabler of this journey, consistently delivering high-quality FSRU conversions that support our operational requirements and long-term growth plans. As global demand for flexible energy infrastructure continues to grow, we look forward to advancing our ongoing projects and exploring new opportunities together."
Mr Alvin Gan, Executive Vice President, Repairs and Upgrades, Seatrium, said, "What began as a bold vision in 2018 has evolved into a strong and enduring partnership built on trust, shared success and a commitment to excellence. The award of LNGT Akdeniz, our ninth FSRU project with Karpowership and the second unit in Karpowership's next-generation FSRU series, is a testament to the strength of this collaboration and further reinforces Seatrium's position as a global leader in floating LNG infrastructure solutions. Featuring a regasification capacity of up to 600 MMscfd[1], LNGT Akdeniz will play a vital role in supporting reliable and flexible energy supply. We are grateful to Karpowership for its continued trust and confidence in Seatrium, and we look forward to building on this successful partnership to deliver innovative energy solutions for the future."
The newly awarded LNGT Akdeniz project involves the conversion of an LNG carrier into a FSRU, with work scheduled to commence in the first quarter of 2027. Seatrium's scope includes the engineering, conversion, integration, installation and commissioning of regasification equipment and associated systems. Upon completion, LNGT Akdeniz will enhance LNG import and regasification capabilities in its target market, supporting energy security and a reliable supply of cleaner energy.
Following the award of LNGT Karadeniz, LNGT Akdeniz is the second project to materialise under the previously announced Letter of Intent (LOI) between the two parties. Apart from three FSRU conversions, the LOI had also provided for the potential integration of up to six new-generation Powerships, creating opportunities for both companies to support evolving global energy needs through integrated floating energy solutions.
With a track record of 22 successful FSRU and FSU conversion projects completed since 2007, Seatrium is a global leader in floating LNG infrastructure solutions, setting industry benchmarks in engineering excellence and project execution. Karpowership, meanwhile, operates the world's only Powership fleet, comprising 45 vessels, while Kinetics, its energy transition initiative, will expand its LNG fleet to 12 vessels with the addition of LNGT Akdeniz. Together, these capabilities reinforce the companies' ability to deliver integrated floating power and LNG infrastructure across global markets.
About Karpowership
Karpowership is a global energy company specializing in fast-track and integrated power solutions. With a fleet of 45 Powerships and a total installed capacity exceeding 8,500 MW; the company delivers turnkey energy solutions wherever and whenever they're needed.
As the only owner, operator, and builder of the world's only Powership fleet, Karpowership offers a plug-and-play solution that can be directly connected to the grid and start generating electricity in less than 30 days.
In addition to its signature Powerships, Karpowership offers floating LNG solutions, with a fleet of 12 LNG assets, including the ones in the pipeline, that is composed of FSRUs and LNG carriers. Its LNG-to-Power model supports a cleaner and flexible energy future.
With over 30 years of experience, Karpowership remains committed to delivering sustainable, reliable power; empowering nations and communities beyond the grid.
Discover more: Website | LinkedIn
About Seatrium Limited
Headquartered and listed in Singapore, Seatrium Limited is a leading provider of specialised engineering solutions for the global offshore, marine, and energy sectors. Seatrium plays a pivotal role in delivering offshore energy infrastructure assets globally that is the backbone of some of the world's essential energy systems.
With over 60 years of proven expertise, Seatrium operates across 15 countries through an integrated network of advanced yards, engineering and technology centres; supported by a diverse and dedicated workforce of more than 24,000 employees.
Seatrium's diversified business positions it to play a critical role in the global energy transition. Its core business segments mainly include Oil & Gas Newbuilds and Conversions; Offshore Wind; Repairs & Upgrades. Its expanding product portfolio includes FPSOs, FPUs, Offshore Converter Platforms and a wide range of offshore installation vessels, amongst others.
Longstanding customer relationships with the world's largest energy majors, asset operators and owners, and Transmission System Operators underscore Seatrium's ability to consistently deliver high standards of safety, quality and timeliness.
Amidst the global energy transition, Seatrium has robust capabilities in developing new technologies and solutions (such as Carbon Capture & Storage and New Energies). Guided by a culture of innovation; and core values prioritising people, safety and sustainability; Seatrium strives to create enduring value for all stakeholders, engineering towards a sustainable energy future.
Discover more: Website | LinkedIn
[1] MMscfd, or million standard cubic feet per day, is a standard measure of gas flow rate.
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Seatrium and Karpowership Extend Collaboration with Ninth FSRU Conversion
- Mass production began in 2017, with cumulative investment reaching approximately USD 1.9 billion and cumulative revenue reaching approximately USD 25 billion, helping strengthen Vietnam's industrial competitiveness
- A decade of growth alongside Vietnamese talent, helping cultivate Vietnam's high-tech manufacturing workforce
- Expanding from Optical Solutions to Semiconductor Substrates, Becoming LG Innotek's Largest Global Production Hub
- CEO Moon Hyuksoo: "We will strengthen our High Performance Portfolio with our Vietnam production subsidiary at the center and accelerate our transformation into a global solutions company."
HAI PHONG, Vietnam and SEOUL, South Korea, Oct. 5, 2026 /PRNewswire/ -- LG Innotek's production subsidiary in Hai Phong, Vietnam, has marked its 10th anniversary.
LG Innotek (CEO Moon Hyuksoo, 011070) announced on the 5th that its production subsidiary in Hai Phong, Vietnam, held a commemorative event at its local facility to mark the 10th anniversary of its establishment.
The event was attended by CEO Moon Hyuksoo and other executives of LG Innotek, as well as key officials from Hai Phong City, including the Hai Phong Party Secretary, mayor and deputy mayor of Hai Phong, and chairman of the Hai Phong Economic Zone Authority (HEZA).
Held under the theme "10 Years Built Together, Shaping the Future Together," the event was organized to reflect on the growth and achievements of LG Innotek's Vietnam production subsidiary over the past decade and reaffirm its commitment to becoming the largest production hub driving the company's future core businesses.
LG Innotek's Vietnam subsidiary was established in September 2016. Over the past 10 years, it has grown into a core production hub for the company's optical solutions camera module business through continuous investment, production capacity expansion, and local talent cultivation.
Currently, the Vietnam subsidiary recorded approximately USD 4.1 billion in revenue in 2025. As LG Innotek's largest overseas production subsidiary, it is contributing to the company's efforts to solidify its position as a global leader in materials and components while also contributing to the development of Vietnam's electronic components industry and the local economy.
- Mass production began in 2017, with cumulative investment having since reached approximately USD 1.9 billion and cumulative revenue reaching approximately USD 25 billion, helping strengthen Vietnam's industrial competitiveness
Since 2016, LG Innotek has been actively expanding its overseas production bases to diversify its global supply chain and establish a stable camera module supply system. After carefully comparing and evaluating several candidate locations, the company ultimately selected Hai Phong, Vietnam, as the location for its new optical solutions plant. This decision was based on Vietnam's high-quality workforce, flexible industrial environment, competitiveness of its special economic zones, and potential business synergy with nearby LG Group affiliates.
Immediately after the establishment of its subsidiary in 2016, LG Innotek began construction of a new factory. In particular, the company introduced northern Vietnam's first highly advanced cleanroom capable of ultra-precision manufacturing, elevating the manufacturing competitiveness of its production subsidiary to the global level. As a result, the company quickly obtained customer approval in September 2017 and began full-scale mass production of camera modules for new mobile models.
Since then, the Vietnam subsidiary has continued to expand its facilities and production capacity in response to growing global customer demand, evolving into a core production hub for LG Innotek's optical solutions business. In particular, by establishing stable supply capabilities based on a high-quality, high-efficiency production system, it has established itself as a key pillar of the global electronic components supply chain.
Since starting with a workforce of 800 employees, the Vietnam subsidiary has grown into LG Innotek's largest global production base, with a total floor area of 242,600 square meters and 6,500 employees. Over the past 10 years, cumulative investment has reached approximately USD 1.9 billion, and cumulative revenue has reached approximately USD 25 billion.
- A decade of growth alongside Vietnamese talent, helping cultivate Vietnam's high-tech manufacturing workforce
The passion and expertise of local employees have played a pivotal role in the growth of LG Innotek's Vietnam production subsidiary.
Over the past 10 years, LG Innotek has continuously invested in recruiting and developing local talent, alongside expanding its production capacity. The company has actively cultivated specialized personnel in core areas such as development, production technology, manufacturing, and quality control. Today, local employees account for 99 percent of the approximately 6,500 employees at its Vietnam subsidiary.
In particular, leadership in key organizations has been rapidly localized, with local leaders such as office managers and on-site supervisors taking the lead in organizational operations. Reflecting this, the proportion of local leaders in key positions has reached 87 percent.
In addition, LG Innotek has remained dedicated to cultivating talent in Vietnam's high-tech manufacturing sector by operating industry-academia collaboration initiatives, internships, practical training, and recruitment programs in partnership with local universities.
LG Innotek's Vietnam subsidiary has signed memorandums of understanding (MOUs) with major local universities, including Hanoi University of Science and Technology, Vietnam National University (Hanoi), and Da Nang University of Science and Technology. Through these partnerships, the company is actively investing in the development of talent who will lead future high-tech industries by offering various recruitment-linked programs, including contract degree programs, internships, and career guidance.
- Expanding from Optical Solutions to Semiconductor Substrates, Becoming LG Innotek's Largest Global Production Hub
Leveraging the manufacturing competitiveness it has accumulated over the past decade and Vietnam's skilled local workforce, LG Innotek plans to actively expand its Vietnam production subsidiary into a global manufacturing hub that drives the company's core businesses.
Currently, the Vietnam subsidiary serves as a leading global production hub for LG Innotek's optical solutions business, supporting supply to the global market. LG Innotek intends to continuously strengthen its local R&D capabilities in an effort to simultaneously enhance both production and technological competitiveness, all while expanding its role as a strategic production base for future growth businesses.
Furthermore, LG Innotek is developing its semiconductor substrate business as a core future growth engine, leveraging the high-density, ultra-precision substrate technology it has accumulated over the past 50 years. In particular, the company is strengthening its business competitiveness by focusing on high-value-added semiconductor substrates, including FC-CSP, FC-BGA, and RF-SiP, and aims to grow its package solutions business into a business generating USD 740 million in operating profit by 2031.
To this end, LG Innotek selected Hai Phong, Vietnam, as a hub for expanding semiconductor substrate production last June and began construction of a new factory. The initial investment is approximately USD 1 billion, and the facility is scheduled for completion in May 2027. The company also plans to continue expanding investments to strengthen production capacity in line with market demand and business growth. The new factory will produce high-value semiconductor substrates, including FC-CSP, FC-BGA, and RF-SiP.
In particular, Korean production lines are operating near full capacity due to an increase in new orders for semiconductor substrates from global customers, driven by the recent boom in the semiconductor market. LG Innotek plans to use the new factory in Vietnam as a springboard to expand its production capacity, proactively meet demand from its domestic and international customers, and further strengthen its global business competitiveness.
Moving forward, LG Innotek will expand its Vietnam production subsidiary into a global hub for cutting-edge electronic components, encompassing both optical solutions and semiconductor substrates, through close cooperation with Hai Phong City.
Hai Phong Deputy Mayor Le Trung Kien said, "LG Innotek has been operating in Hai Phong for the past 10 years and has contributed significantly to the region's industrial development and economic growth," adding, "In particular, we highly commend the company for providing new growth momentum for Hai Phong by developing high-tech manufacturing and creating quality jobs." He continued, "On behalf of Hai Phong City, I would like to express my deep gratitude to LG Group and all LG Innotek executives and employees."
CEO Moon Hyuksoo remarked, "The growth of our Vietnam production subsidiary into a core production base for LG Innotek was made possible by the trust and support of the Vietnamese government, Hai Phong City, our customers, and all our employees." He continued, "Going forward, we will further strengthen our competitiveness in future growth businesses, including optical solutions and semiconductor substrates, centered on our Vietnam subsidiary, and further accelerate our transformation into a solutions company driven by our High Performance Portfolio."
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LG Innotek's Vietnam Production Subsidiary Marks Its 10th Anniversary, Emerges as LG Innotek's Largest Global Manufacturing Hub
LG Innotek's Vietnam Production Subsidiary Marks Its 10th Anniversary, Emerges as LG Innotek's Largest Global Manufacturing Hub
