Mooreast plans expansion in Singapore to serve floating renewables

Total mooring solutions provider Mooreast Holdings Ltd (SGX:1V3) said today it plans to acquire a site from a subsidiary of Seatrium Ltd (SGX:5E2) and thus quadruple its production capacity in Singapore to serve the floating offshore renewables sector.

Specifically, Mooreast Asia Pte Ltd, a wholly-owned subsidiary of the company, has received an option to buy 60 Shipyard Crescent, a 98,919-sq-m (1.1 million sq ft) facility that will be used to fabricate sub-sea foundations and serve as a logistics hub to handle holding, staging and assembly of equipment and blocks. Onsite operations will be powered by newly-installed solar arrays.

Mooreast, which is Asia’s only ultra-high power anchor manufacturer, already operates a 30,691-sq-m yard at 51 Shipyard Road. It said that the planned expansion will allow it to produce enough subsea foundations to support between 1.5 GW and 2 GW of floating offshore wind energy per year. This compares to its current capacity of 0.5 GW a year.

The company anticipates completing the acquisition and starting operations at the new site by the end of the year, subject to approval by JTC Corporation, the facility’s lessor.

“We are already fielding enquiries from several developers of floating offshore renewable energy projects. Mooreast is now ready to handle even bigger, commercial-scale wind projects. This will strengthen our value proposition and competitive edge in international markets significantly,” said Sim Koon Lam, founder, Executive Director, CEO and Deputy Chairman of Mooreast.

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