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Karpowership’s Kinetics raises $400 million to support FSRU growth

By LNG Prime Staff
Karpowership's Kinetics raises $400 million to support FSRU growth
FSRU Karmol LNGT Powership Antarctica (Image: Seatrium)

Karpowership's unit, Kinetics Energies, has raised $400 million through a Norwegian bond issuance to support its FSRU growth plans.

Kinetics announced the completion of its first bond issuance in a social media post.

“This achievement reflects investor confidence in our long-term strategy, our disciplined growth approach, and our commitment to transparency,” it said.

Zackarie Fortin-Brazeau, Karpowership’s LNG commercial VP, said in a separate social media post that Kinetics “raised $400 million 1st lien senior secured bond to support our growth in FSRU assets.”

According to Fearnley Securities, the bond issue is maturing in November 2029.

Established in 2024, Kinetics specializes in the building, development, delivery, and leasing of floating LNG assets and renewable energy platforms.

Earlier this year, Singapore’s Seatrium secured an FSRU conversion contract from Kinetics.

This followed a contract awarded by Turkiye’s Karpowership for the conversion of three LNG carriers into FSRUs.

Most recently, Seatrium and Karpowership signed a letter of intent in August for the conversion, life extension, and repairs of three LNG carriers into FSRUs.

Saatrium has already delivered five converted FSRUs to Karpowership, including the latest FSRU Karadeniz LNGT Powership Americas.

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