Incorporated in 2024, Kinetics LNG is based in London and listed on the Oslo stock exchange.
According to its first-quarter results report published on Friday, the Karadeniz Group’s dedicated asset-owning entity for floating LNG infrastructure has 11 vessels in its fleet.
These include 9 vessels on the water and an additional 2 LNG carriers being converted into FSRUs at Singapore’s Seatrium yard.
Four of the on-water FSRUs are owned by KARMOL, a 50/50 joint venture between Kinetics LNG and Japan’s MOL.
Kinetics LNG noted in the quarterly report that LNGT Oceania had been successfully delivered and accepted by the charterer, One World Fuel Services DMCC.
The delivery took place on March 11, 2026, at which point the vessel entered into the charter period.
Following the delivery of LNGT Oceania, the group had six vessels in operation in the first quarter of 2026, excluding vessels under KARMOL.
The company also said that LNGT Turkiye has entered the shipyard in the third quarter of 2025 and the conversion work “continues to progress in line with the schedule.”
Basic and detailed design works have been completed, while procurement activities for long-lead and longevity items have reached approximately 90 percent completion, with the majority of key equipment ordered and delivered.
Kinetics LNG said construction activities are approximately 80 percent complete, including completion of spread mooring installation and continued progress on the regas system installation.
The delivery of LNGT Turkiye is expected in the third quarter of 2026.
New conversion
Kintecis LNG reported that LNGT Karadeniz conversion activities “continue in line with the overall project schedule.”
In March this year, Seatrium announced the contract award for this vessel, marking Seatrium’s eighth FSRU conversion project for Karpowership.
The LNGC-to-FSRU conversion project, signifies Karpowership’s first high-capacity FSRU, engineered to deliver a regasification capacity of up to 600 million standard cubic feet per day (mmscfd).
According to Kinetics LNG, basic design activities are approximately 90 percent complete, while long-lead item procurement has progressed to around 70 percent completion with procurement and contracting processes ongoing.
Detailed design activities are approximately 50 percent complete, including ongoing compatibility reviews and site inspections.
Procurement and longevity work have commenced and are currently approximately 20 percent complete, with specification reviews and purchase order processes continuing.
Kintecis LNG said the vessel is expected to enter the Seatrium yard in June.
$125 million from Actera
Kinetics LNG also noted that it has recently closed a #125 million investment from Turkiye’s independent private equity firm Actera in the form of redeemable preference shares.
The instrument is subordinated to the issuer’s existing senior secured bond obligations.
“The transaction marks an important milestone in the company’s long-term growth strategy and continued evolution of its capital structure,” it said.
“The investment reflects strong institutional confidence in the issuer’s portfolio of floating LNG assets, integrated operating model, and proven project delivery capabilities,” Kinetics LNG said.
