Mooreast Holdings, a specialist in anchors and mooring equipment for the renewables industry, is set to acquire a facility from Seatrium New Energy Limited to expand its production capacity. The facility, located at 60 Shipyard Crescent in Singapore, will quadruple Mooreast's current production capabilities.
The acquisition, subject to approval by JTC Corporation, the facility's lessor, aims to be completed by the end of 2024. The facility, adjoining Mooreast's existing yard at 51 Shipyard Road, will significantly enhance the company's manufacturing footprint, accommodating the fabrication of subsea foundations and serving as a logistics hub for equipment staging and assembly.
Sim Koon Lam, Founder, Executive Director, CEO, and Deputy Chairman of Mooreast, highlighted the strategic importance of the acquisition, stating, “The acquisition of 60 Shipyard Crescent will expand our manufacturing capabilities significantly. Apart from economies of scale with a wide sea-front, we will also be able to position ourselves better to meet the growing global demand.”
The expanded capacity is expected to support Mooreast in producing subsea foundations to sustain between 1.5GW to 2GW of floating offshore wind energy annually, marking a substantial increase from its current 500MW capacity. The facility's 865-meter waterfront will also bolster Mooreast's capabilities in accommodating specialist vessels for global onshore and offshore projects.
The acquisition underscores Mooreast's strategy to capitalize on the burgeoning floating offshore renewable energy market, having already secured contracts for anchor supply to projects like Eolmed in France and buoys for Japan's first commercial-scale floating wind farm.
“We are already fielding enquiries from several developers of floating offshore renewable energy projects,” Sim Koon Lam added, signaling Mooreast's readiness to handle larger commercial-scale wind projects.
