General – Acquisition
Mooreast Holdings announced that its wholly-owned subsidiary Mooreast Asia is acquiring a 98,919 sqm facility from a subsidiary of Seatrium for a consideration of $13.5 million.
Upon successful acquisition, Mooreast’s production capacity in Singapore to serve the fast-growing floating offshore renewable sector will quadruple.
Mooreast has been granted an option to purchase 60 Shipyard Crescent. It 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 facility adjoins Mooreast’s current 30,691 sqm 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 sqm. The combined value of right-of-use assets and equipment is estimated at approximately S$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 gigawatts (GW) to 2GW of floating offshore wind energy per annum, a significant increase from 0.5GW 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.
