Seatrium announced that it has entered into a Memorandum of Understanding (MoU) with global floating power solutions specialist 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.
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 centers, 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.
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 9th 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 centers. 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. Since 2018, Seatrium has delivered seven FSRU conversions to Karpowership, with the 8th and 9th 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.