Singapore-listed Mooreast Holdings is to acquire a facility from Seatrium to expand its production capacity to serve the floating wind market.
Mooreast Holdings, a specialist in anchors and mooring equipment, catering to the renewables industry, has been granted an option to purchase 60 Shipyard Crescent by Seatrium New Energy Limited, a wholly owned subsidiary of Seatrium.
The 100,000 sq metre yard at 60 Shipyard Crescent will quadruple Mooreast’s production capacity in Singapore.
Mooreast aims 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 30,691 sq metre 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 sq metres and the combined value of right-of-use assets and equipment is estimated at approximately S$50m, including machinery/equipment.
The expanded capacity will enable Mooreast to produce enough subsea foundations to support between 1.5GW to 2GW of floating offshore wind energy a year, a significant increase from 500MW capacity at present.
As well as fabricating sub-sea foundations , the facility will 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-metre water frontage will further strengthen the group’s yard division, accommodating 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.
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.
Mooreast has already secured several project wins, including for the supply of its proprietary anchors to a Eolmed, a pre-commercial floating offshore wind farm in southern France, as well as the 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.”