Mooreast Quadruples Production Capacity with Major Facility Acquisition

Singapore-based Mooreast has revealed that its wholly-owned subsidiary, Mooreast Asia, intends to acquire a 98,919 square metres facility from a subsidiary of Seatrium, quadrupling its production capacity in Singapore to serve the floating offshore renewable sector.

Mooreast expects to complete the proposed acquisition 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 company has been granted an option to purchase 60 Shipyard Crescent by Seatrium New Energy Limited, which is a wholly-owned subsidiary of Seatrium.

The facility adjoins Mooreast’s current 30,691-square-metre yard at 51 Shipyard Road, which is one of the world’s largest drag anchor manufacturing sites with in-house fabrication capabilities.

Together, the two facilities will have a total land area of 129,609 square metres. The combined value of right-of-use assets and equipment is estimated at approximately EUR 34 million including machinery/equipment.

According to Mooreast, the enlarged facility will increase its production capacity by four-fold, and enable the company 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 subsea foundations and serve as a logistics hub to handle holding, staging, and assembly of equipment and blocks.

The new facility’s 865-metre water frontage will enable the company 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 its sustainability commitments.

Mooreast secured several project wins so far, 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 floating offshore wind farm.

Related Article