Mooreast Holdings expands production capacity with major acquisition

By: Chloe Emanuel

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18/06/2024 Mooreast Holdings

Mooreast Holdings has announced a significant expansion in its production capabilities with the acquisition of a 98,919 sqm facility from a subsidiary of Seatrium for $13.5 million. This move, facilitated through its wholly-owned subsidiary Mooreast Asia, will quadruple Mooreast's production capacity in Singapore, enhancing its ability to serve the burgeoning floating offshore renewable sector.

The new facility, located at 60 Shipyard Crescent, is expected to be operational by the end of 2024. Mooreast will fund the acquisition through internal resources. The newly acquired site adjoins Mooreast’s existing 30,691 sqm yard at 51 Shipyard Road, one of the world’s largest drag anchor manufacturing sites. Together, these facilities will cover a total land area of 129,609 sqm, with combined right-of-use assets and equipment valued at approximately S$50 million.

This expansion will significantly boost Mooreast’s production capabilities, allowing it to support between 1.5 to 2 gigawatts (GW) of floating offshore wind energy per annum, up from the current 0.5GW. The facility will focus on fabricating high-value subsea foundations and serving as a logistics hub, which will streamline operations and enhance efficiency for larger-scale projects.

The new facility’s 865-metre water frontage will also enhance Mooreast’s yard division, accommodating specialist vessels for both onshore and offshore projects globally. Additionally, Mooreast plans to install solar panels on the facility's rooftop to power on-site operations, underscoring its commitment to sustainability.

Sim Koon Lam, founder, executive director, CEO, and chairman of Mooreast, stated, “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. 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.”

Shares in Mooreast closed at 11 cents on June 18.

For more information about offshore wind farm projects across the globe, click here.

About the Author

4C Offshore | Chloe Emanuel
Chloe Emanuel

Press Coordinator

01502 307037