Seapeak turns to Wärtsilä for 16-year optimization of ten LNG vessels

Finnish technology group Wärtsilä has secured a multi-year renewal of its lifecycle agreement with Seapeak Maritime, an independent owner-operator of liquefied natural gas (LNG) vessels.

According to the Finnish firm, the 16-year contract extension for ten LNG carriers covered by an earlier lifecycle agreement aims to improve their maintenance performance. This will be possible thanks to remote 24/7 operational support from Wärtsilä’s Dynamic Maintenance planning, its Expert Insight service, and scheduled spare parts, paired with field service for larger and more complex issues.

The new agreement, booked in Q1 2024, is said to be based on 72,000 running hours and designed to increase the vessel engines’ time between overhauls to 30,000 operating hours. Wärtsilä intends to post a full-time Contract Manager to Seapeak’s Glasgow office for additional support.

“We are focused on improving performance and optimising our fleet’s maintenance concept. This is why we have entered into this new agreement with Wärtsilä, as a trusted support provider. This agreement goes beyond what we had before and will take us into a new era of maintenance efficiency,” said Michael McNaul, Fleet Manager at Seapeak.

As the Finnish player anticipates the global demand for LNG to continue rising over the coming years, which the Institute for Energy Economics and Financial Analysis (IEEFA) believes could lead to an oversupply, the carriers in operation will need to cut their downtime. This is particularly important as the vessels that are part of this deal operate in what is believed to be a dynamic and fast-moving market environment, where schedules and voyage times are constantly changing.

Andrea Morgante, Vice President of Performance Service at Wärtsilä Marine, noted: “Optimal maintenance procedures for the ship’s engines and equipment add considerable value through enhanced efficiency and reduced operating costs. Wärtsilä’s lifecycle support approach, as illustrated by our tailored maintenance agreements, is a central pillar in our efforts to increase efficiencies and add greater sustainability to our customers’ operations.”

Wärtsilä describes its Expert Insight as a predictive maintenance service combining artificial intelligence (AI) techniques and advanced diagnostics with its experience in original equipment manufacturer (OEM) to identify abnormalities. The service proactively identifies and highlights potential failures and early indications of equipment deterioration.

The Finnish player has been busy on all fronts recently. Earlier this month, it was selected to supply the whole hybrid electric propulsion system for a limestone carrier being built for Canada Steam Ship Lines Group (CSL Group), while in June, it launched an engine power plant that can be converted to run on 100% hydrogen.