Mooreast Holdings Ltd has announced that its wholly-owned subsidiary, Mooreast Asia Pte. Ltd, intends to acquire a 98 919 m2 facility from a subsidiary of Seatrium Ltd, quadrupling its production capacity in Singapore to serve the fast-growing floating offshore renewable sector.
Mooreast has been granted an option to purchase 60 Shipyard Crescent by Seatrium New Energy Ltd, which is a wholly-owned subsidiary of Seatrium, a leading provider of engineering solutions to the global offshore, marine and energy industries.
Mooreast, Asia’s only ultra-high power anchor manufacturer, says it expects to complete the proposed acquisition (subject to approval by JTC Corp., the facility’s lessor) and commence operations at the new facility by the end of 2024. The consideration for the new facility will be funded through internal resources.
The facility adjoins Mooreast’s current 30 691 m2 yard at 51 Shipyard Road, which is one of the world’s largest drag anchor manufacturing sites with in-house fabrication capabilities. Together, these two facilities will have a total land area of 129 609 m2. The combined value of right-of-use assets and equipment is estimated at approximately USS$50 million including machinery/equipment.
The enlarged facility will increase its production capacity by four-fold, further cementing Mooreast’s position as one of only three ultra-high power anchor manufacturers globally. This will enable Mooreast to produce enough subsea foundations to support between 1.5 – 2 GW of floating offshore wind energy per annum, a significant increase from 0.5 GW currently.
The new facility will be used to fabricate high-value subsea foundations and serve as a logistics hub to handle holding, staging and assembly of equipment and blocks. This will streamline operations and enhance efficiency, enabling Mooreast to manage and execute larger scale projects.
The new facility’s 865-m water frontage will further strengthen the Group’s Yard division. It will be able to accommodate specialist vessels for mobilisation and demobilisation for both onshore and offshore projects globally. Mooreast will also install solar panels on the facility’s rooftop to power on-site operations, in line with the Group’s commitment to sustainability.
This expansion is a major part of Mooreast’s strategy to increase its capacity to meet anticipated demand in the emerging floating offshore renewable market. It has been introducing new products and stepping up marketing efforts. Mooreast is also widening its geographical footprint, having incorporated Mooreast Taiwan this month and Mooreast UK in July 2022.
These efforts have helped Mooreast secure several project wins, including for the supply of its proprietary anchors to a pre-commercial floating offshore wind farm in Southern France, as well as supply of buoys to Japan’s first commercial scale floating wind farm.
Sim Koon Lam, founder, Executive Director, CEO and Deputy Chairman of Mooreast, said: “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.”
“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,” he added
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Energy Global's Summer 2024 issue
The Summer 2024 issue of Energy Global starts with a guest comment from Terrawatt on the streamlining of the permitting process in Italy, before moving on to a regional report from Frost & Sullivan on the energy landscape in Asia Pacific. This issue looks at key topics such as wind installation vessels, offshore wind turbine foundations, weather analysis, solar maintenance, and more!