Seatrium Limited, a Singapore-based engineering company specializing in offshore, marine, and energy infrastructure solutions, has entered into a memorandum of understanding (MOU) with Karpowership, an operator of floating power plants, to build out floating power and infrastructure solutions in Singapore.
As stated in a press release, Seatrium and Karpowership intend to create an integrated platform, combining infrastructure development, financing, engineering, construction, and operations, to develop and deploy floating infrastructure that may include powerships, floating data centers, turbine-based or hybrid vessels, and floating nuclear solutions.
The collaboration brings together Seatrium’s offshore engineering, procurement, construction, and systems integration capabilities and Karpowership’s expertise in developing, financing, owning, and operating floating power and digital infrastructure.
“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,” said Chris Ong, Seatrium Chief Executive Officer.
The companies have said that in the coming months they will progress discussions toward forming a joint venture, subject to the negotiation and execution of definitive agreements and the necessary approvals.
“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,” said Orhan Remzi Karadeniz, Karpowership CEO.
The MOU comes at a time when Singapore’s peak electricity demand is set to grow between 2.4 and 4.8 percent annually to reach up to 11.4 GW by 2031, according to the Energy Market Authority. Demand, the authority says, is being driven by strong economic growth, transport electrification, and the expansion of energy-intensive sectors such as semiconductor manufacturing and data centers.