Singapore-based mooring and anchoring specialist Mooreast Holdings has set out plans to acquire a 98,919 sqm facility from Seatrium’s subsidiary, quadrupling its production capacity in Singapore to serve the floating offshore renewable sector.
The SGX Catalist-listed specialist in total mooring solutions catering to the renewable sector has been granted an option to purchase 60 Shipyard Crescent by Seatrium New Energy, which is a wholly-owned subsidiary of Seatrium, a leading provider of engineering solutions to the global offshore, marine and energy industries.
Mooreast expects to complete the proposed acquisition (subject to approval by JTC Corporation, 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 sqm yard at 51 Shipyard Road.
Together, these two facilities will have a total land area of 129,609 sqm. The combined value of right-of-use assets and equipment is estimated at approximately $376 million (S$50 million) including machinery/equipment.
The enlarged facility will increase Mooreast’s 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 GW to 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 sub-sea 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 company said.
The new facility’s 865-metre water frontage will further strengthen the group’s Yard division. It will be able to accommodate specialist vessels for mobilization and demobilization 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.