Seatrium and Karpowership to Jointly Develop Floating Power Solutions and Digital Infrastructure, Supporting Singapore and Southeast Asia's Energy Resilience

• Memorandum of Understanding (MoU) announced at Singapore International Energy Week 2026
• Combines Seatrium's offshore engineering expertise with Karpowership's proven leadership in floating power to pursue flexible power and digital infrastructure solutions
• To co-develop solutions that strengthen Singapore's energy security and support regional power demand amid recent disruptions to global energy supplies

SINGAPORE, Oct. 28, 2026 /PRNewswire/ -- Seatrium Limited ("Seatrium" or the "Group") today announced that it has entered into a Memorandum of Understanding ("MoU") with global floating power solutions leader Karpowership to pursue a joint venture to develop floating power and infrastructure solutions in Singapore, with the potential to extend cooperation to the wider Southeast Asia market.

Building on their longstanding strategic relationship, the two companies will create an integrated platform combining infrastructure development, financing, engineering, construction and operations. The collaboration brings together Seatrium's global offshore engineering, procurement and construction and systems integration capabilities with Karpowership's expertise in developing, financing, owning and operating floating power and digital infrastructure, alongside its experience in delivering behind-the-meter power solutions for super intelligence.

Announced at Singapore International Energy Week (SIEW) 2026 and witnessed by Dr. Tan See Leng, Singapore's Minister for Energy, Trade and Industry (Energy and Industry), the MoU establishes a framework to jointly develop rapidly deployable power and infrastructure solutions in Singapore, which may include Powerships, floating data centres, turbine-based or hybrid vessels and floating nuclear solutions. The partners share a longer-term ambition to bolster Singapore's position to serve as a resilient regional hub for rapidly deployable energy and digital infrastructure solutions.

Chris Ong, Chief Executive Officer of Seatrium, said, "Energy resilience is fundamental to Singapore's long-term competitiveness and Southeast Asia's continued growth. As demand for power and digital infrastructure accelerates, our industry has an opportunity to develop new solutions that combine speed of deployment, flexibility and scale. Building on our longstanding strategic relationship with Karpowership, we aim to strengthen Singapore's status as a hub for next-generation floating energy and digital infrastructure, using the best-available technologies, including hydrogen-ready power generation. Seatrium's offshore engineering heritage, systems integration capabilities and advanced facilities in Singapore provide a strong foundation for this ambition, supporting domestic needs and opportunities across Southeast Asia. For Seatrium, this represents a strategic opportunity to extend our role across the energy infrastructure value chain, creating new avenues for growth where we can apply our proven capabilities to shape critical infrastructure that underpin the region's future competitiveness."

Orhan Remzi Karadeniz, Chief Executive Officer of Karpowership, said, "Access to reliable power increasingly determines where industries invest, how economies grow and how quickly digital ambitions become reality. Karpowership has pioneered floating power infrastructure worldwide, expanding its capabilities to deliver gigawatt-scale, behind-the-meter power solutions for the most developed markets, floating digital infrastructure and turnkey data centre solutions spanning the entire value chain. Karpowership's decades-long relationships with OEMs and technology partners, including Seatrium, now extend to a global network of commercial partnerships, including with hyperscalers. These relationships position Karpowership as a go-to provider of integrated infrastructure solutions at pace and scale. This partnership marks a strategic next chapter in that journey. Together with Seatrium, our ambition is to build an integrated platform in Singapore that brings development, financing, engineering and operations together to deliver power where and when it is needed, strengthening energy security and enabling growth across Southeast Asia."

The companies will combine their unparalleled execution capabilities and commitment to excellence to support Singapore's ambition to lead the development of next-generation energy and digital infrastructure.

Today, Singapore remains heavily reliant on imported natural gas, which accounts for approximately 95% of its electricity generation, according to the Energy Market Authority. Continued disruptions to global fuel supplies have reinforced the need for diversifying energy sources and strengthening the resilience of Singapore's electricity system. At the same time, EMA estimates that Singapore's peak electricity demand is projected to grow between 2.4% and 4.8% annually to reach up to 11.4 gigawatts by 2031, driven in part by transport electrification and the expansion of energy-intensive industries on the island, including semiconductor manufacturing and data centres.

Across Southeast Asia, the similar growth of digital industries has also led to increased infrastructure requirements. According to the 9^th ASEAN Energy Outlook, 20% of ASEAN's projected electricity demand growth in the next five years will be attributable to data centres. This, compounded with structural drivers of industrialisation and urbanisation, emphasise the need for reliable power to support industrial activity and other energy-intensive facilities.

Against this backdrop, floating power infrastructure could provide additional options to enhance supply security, including through the rapid deployment of generation capacity, contingency power provision and support for critical infrastructure, including data centres. Such solutions, including the potential use of emerging energies such as hydrogen, could also offer flexibility in deployment locations, enable power generation assets to be adapted or redeployed, and chart a longer-term transition pathway as energy requirements continue to evolve.

This MoU represents a new phase in the companies' relationship, extending their collaboration from the delivery of individual assets to the joint development of infrastructure opportunities. Since 2018, Seatrium has delivered seven FSRU conversions to Karpowership, with the 8^th and 9^th unit awarded this year, supporting the deployment of Karpowership's LNG-to-power solutions across international markets. Seatrium has most recently secured a contract in October for the development and integration of Karpowership's hydrogen-ready third-generation Whale Class Powerships to be deployed in countries requiring reliable energy supply.

Today, Karpowership owns and operates the world's only fleet of Powerships, consisting of 45 vessels, which are floating power plants that can be deployed to provide electricity to markets requiring additional generation capacity.

In the coming months, the parties are committed to progress discussions towards the formation of a joint venture, subject to the negotiation and execution of definitive agreements and the necessary approvals.

Discover more:
Seatrium Limited: Website | LinkedIn
Karpowership: Website | LinkedIn

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Seatrium and Karpowership to Jointly Develop Floating Power Solutions and Digital Infrastructure, Supporting Singapore and Southeast Asia's Energy Resilience

• Consolidated revenues for the first nine months of 2026 reached AED 57.6 billion, an increase of 10.0 per cent YoY
• Consolidated net profit for the first nine months of 2026 reached AED 17.2 billion, up 45.9 per cent YoY
• Group subscriber base reached 254.8 million
• Group marks 50 years by taking the etisalat name forward into a new era of growth

ABU DHABI, UAE, Oct. 28, 2026 /PRNewswire/ -- etisalat today announced its Q3 2026 consolidated financial results, reporting consolidated revenue of AED 19.5 billion, growing 6.9 per cent year-over-year (YoY). Consolidated revenues for the first nine months of 2026 reached AED 57.6 billion, up 10.0 per cent YoY. Consolidated net profit in Q3 reached 11.2 billion, while consolidated net profit for the first nine months of 2026 reached AED 17.2 billion, up 45.9 per cent YoY, reinforced by continued progress in building higher-value capabilities across connectivity, sovereign digital infrastructure and AI and by disciplined portfolio management.

In Q3, EBITDA rose by 5.1 per cent YoY, reaching AED 9.0 billion with a margin of 46.1 per cent. For the first nine months of 2026, EBITDA reached AED 26.7 billion, a growth of 10.3 per cent YoY, with a margin of 46.4 per cent.

etisalat's total subscriber base reached 254.8 million in Q3 2026, representing 29.4 per cent YoY growth. In the UAE, subscribers rose 5.2 per cent YoY to 16.5 million, driven by strong demand for advanced digital services and intelligent connectivity. 

Financial Highlights

	Q3 2025	Q3 2026	%Change	9M 2025	9M 2026	%Change
Consolidated Revenues	AED 18.2bn	AED 19.5bn	6.9 %	AED 52.4bn	AED 57.6bn	10.0 %
Consolidated Net Profit*	AED 3.0bn	AED 11.2bn	276.2 %	AED 11.8bn	AED 17.2bn	45.9 %
EBITDA	AED 8.5bn	AED 9.0bn	5.1 %	AED 24.2bn	AED 26.7bn	10.3 %
Earnings per Share	AED 0.34	AED 1.29	276.2 %	AED 1.36	AED 1.98	45.9 %
Total Group Subscribers	197.0 million	254.8 million	29.4 %	197.0 million	254.8 million	29.4 %
etisalat UAE Subscribers	15.7 million	16.5 million	5.2 %	15.7 million	16.5 million	5.2 %

Q3 2025

Q3 2026

%Change

9M 2025

9M 2026

%Change

Consolidated Revenues

AED 18.2bn

AED 19.5bn

6.9 %

AED 52.4bn

AED 57.6bn

10.0 %

Consolidated Net Profit*

AED 3.0bn

AED 11.2bn

276.2 %

AED 11.8bn

AED 17.2bn

45.9 %

EBITDA

AED 8.5bn

AED 9.0bn

5.1 %

AED 24.2bn

AED 26.7bn

10.3 %

Earnings per Share

AED 0.34

AED 1.29

276.2 %

AED 1.36

AED 1.98

45.9 %

Total Group Subscribers

197.0 million

254.8 million

29.4 %

197.0 million

254.8 million

29.4 %

etisalat UAE Subscribers

15.7 million

16.5 million

5.2 %

15.7 million

16.5 million

5.2 %

• Net Profit adjusted for Vodafone gain in Q3 2026 is AED 3.2bn and EPS AED 0.37
• Net Profit adjusted for Vodafone gain in 9M 2026 is AED 9.2bn and EPS 1.06

The quarter also saw the completion of etisalat's sale of its entire stake in Vodafone Group, generating total consideration of AED 21.9 billion, including the final dividend and gain of approximately AED 8.0 billion. The transaction contributed to the group's financial performance during the quarter, providing additional financial flexibility.

As etisalat marks its 50^th anniversary, it has set out a new vision to become a leading AI-powered and enabling telco and moved forward under the etisalat name, symbolising the central role of connectivity in the AI era. This ambition builds on the capabilities developed across digital services, cloud, cybersecurity, AI, infrastructure and fintech, bringing them into sharper focus around our strong telecommunications foundation with AI at its core.

Building on UAE's ambition to become a global hub for advanced technology and AI, etisalat plans to expand its international connectivity capacity to more than 500 terabits per second (Tbps) by 2030, an increase of over twenty-five times of the current capacity, in addition to developing diverse routes designed to enhance connectivity efficiency and reliability, delivering advanced, low-latency performance. This reiterates the importance of the digital infrastructure as a fundamental pillar for supporting emerging technologies and enabling a knowledge-based, innovation-driven economy.

Masood M. Sharif Mahmood, Group CEO of etisalat, said: "Our performance in Q3 2026 underscores the resilience of our business model and the discipline with which we are turning growth opportunities into tangible results. Consolidated revenue reached AED 19.5 billion, an increase of 6.9 per cent YoY, while EBITDA reached AED 9.0 billion, up 5.1 per cent, with an EBITDA margin of 46.1 per cent. These results reflect the strength of our core connectivity business and the discipline of our execution. Combined with our focus, these strengths underpin our confidence in our ability to excel and create long-term value to our stakeholders"

Masood added: "Over the past several years, etisalat has built an integrated portfolio of broad range of advanced capabilities across AI, cloud computing, cybersecurity, digital services, and fintech. Today, as AI is integrated more deeply into core enterprise and government operations, the foundational connectivity, compute, and secure infrastructure powering it become more critical. With the group firmly establishing itself as a key enabler, we will continue to provide the secure digital infrastructure and ultra-fast connectivity that power this wide-reaching transformation."

He continued: "This gives the etisalat brand, which means 'communications', a renewed purpose with a new and deeper meaning. Connectivity is no longer just about moving data, for us. It is about enabling the modern digital economy by building and operating the infrastructure and intelligent platforms that will define the future."

Masood concluded: "etisalat has proven its ability to create sustainable value and to translate technological progress into direct, tangible commercial and economic impact. Building on decades of strategic achievements, enduring customer relationships, strong operational efficiency and infrastructure designed for maximum readiness and reliability, we remain focused on enabling the networks of the future, anchoring the region's digital economies, and cementing the UAE's position at the heart of the global digital economy.  As etisalat embarks on its next fifty years journey, we renew our commitment to build on the UAE leadership's forward-looking vision and to continue investing with full confidence to compete and lead on the global scale."

Contact
Nancy Sudheer
nsudheer@etisalat.ae 

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etisalat achieves record 9M 2026 performance as consolidated net profit rises 46% YoY to AED 17.2 billion

etisalat achieves record 9M 2026 performance as consolidated net profit rises 46% YoY to AED 17.2 billion