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Tag: Mooreast Holdings Ltd

  • Mooreast to Commence Feasibility Studies to Develop up to 500 MW of Renewable Energy Projects in Timor-Leste

    Mooreast to Commence Feasibility Studies to Develop up to 500 MW of Renewable Energy Projects in Timor-Leste

    Singapore Exchange Catalist-listed Mooreast Holdings Ltd. (“Mooreast” or the “Group”) announced today that it will commence feasibility studies this month to develop large-scale renewable energy (“RE”) projects of up to 500 megawatts (“MW”) in Timor-Leste.

    The feasibility studies have been confirmed to progress after Mooreast entered into a Letter of Intent (“LOI”) with Secretario de Estado de Electricidade Agua e Saneamento (“SEEAS”), the secretariat for Electricity, Water and Sanitation under Timor-Leste’s Ministry of Public Works, to develop between 300 and 500 MW of floating RE over a five- to 10-year period.

    Mooreast said it will conduct due diligence and assessment of locations off Timor-Leste’s coastline that would be suitable for development of projects to generate energy from floating wind, solar, hydroelectric, tidal, current and wave.

    The LOI is part of a broader proposal for Mooreast to undertake a proposed RE Development Plan in two phases. The plan is intended to accelerate development of the country’s significant untapped RE resources, including excellent wind potential along the north and south coasts.

    Timor-Leste, a country of approximately 15,000 square kilometres that shares borders with Indonesia and Australia, currently relies mostly on diesel-fired power plants to meet its energy needs. It has targeted 100% national electrification by 2030 by substantially diversifying into RE.

    Timor-Leste gained full independence in 2002 and was formally admitted as the 11th member of the Association of Southeast Asian Nations at the 47th ASEAN Summit held in Kuala Lumpur last month.

    As part of the RE Development Plan, Mooreast will also be engaged to upgrade grid transmission and infrastructure for RE integration, set up pilot microgrids for remote communities, explore the potential to export power and hydrogen fuel and introduce smart-grid technologies and systems for energy storage.

    Mooreast will have exclusivity for 12 months to conduct feasibility studies, evaluate and propose commercial and financing models. Both parties will then enter into a formal Project Development Agreement (“PDA”), likely in the first half of 2026.

    The PDA is expected to include, amongst others: i) joint-ventures to develop the projects; ii) establishing investment and financing models including green finance and fiscal incentives as well as co-investment opportunities with sovereign funds and financial institutions; iii) defining the responsibilities of the state-owned electricity and energy company, Electricidade de Timor-Leste (“EDTL”), relating to necessary rights and permits; iv) defining the role of Mooreast, including for Engineering, Procurement, Construction and Installation (“EPCI”) and floating RE; and v) the terms of long-term Power Purchase Agreements.

    A specialist in the offshore and marine sector providing mooring and rigging solutions, Mooreast is Asia’s only ultra-high power anchor designer and manufacturer. It has been expanding its presence in Europe and Asia amid increasing commercialisation of floating wind energy projects worldwide.

    Mr Eirik Ellingsen, CEO of Mooreast, said: “Timor-Leste has significant potential for floating renewable energy, which can be harnessed for economic growth and to achieve national goals of electrification and sustainability. We are excited by the opportunity to leverage our capabilities and networks to achieve a win-win formula.”

    About Mooreast Holdings Ltd.

    A leader in total mooring solutions, Mooreast offers design, engineering, fabrication, supply and logistics, installation and commissioning of mooring systems to the offshore oil & gas, marine and offshore renewable energy industries.

    With close to three decades of experience, Mooreast is applying its track record and expertise in mooring solutions to floating renewable energy projects, in particular floating offshore wind farms. It has successfully participated in developmental and prototype projects for floating offshore wind turbines in Japan and Europe.

    For more information, please visit https://mooreast.com/

    Media & Investor Contact Information:
    WeR1 Consultants Pte Ltd
    Isaac Tang, mooreast@wer1.net
    (M: +65 9748 0688)

  • SGX-Listed Mooreast Partners Norway’s GeoProvider AS For Geotechnical Solutions for Floating Energy; Signs MoU with South Korea’s KOCECO

    SGX-Listed Mooreast Partners Norway’s GeoProvider AS For Geotechnical Solutions for Floating Energy; Signs MoU with South Korea’s KOCECO

    Mooreast Holdings Ltd. (“Mooreast” or the “Group”) said today that it has partnered with Norway-based GeoProvider AS (“GeoProvider”) to strengthen capabilities in offshore data analysis and enhance its value proposition to the floating offshore renewable energy market.

    Through their Framework Agreement, Mooreast will tap into GeoProvider’s extensive geotechnical and geophysical database to accelerate data analysis and support larger, more complicated projects. Both parties will also collaborate on offshore wind projects as the floating renewable market transitions towards the commercialisation phase.

    SGX Catalist-listed Mooreast, a total mooring solutions specialist, has been offering geotechnical and geophysical studies, such as soil data analysis to determine project feasibility and engineering design for mooring configurations. The Group is also Asia’s only ultra-high power anchor manufacturer.

    Headquartered in Stavanger, Norway, GeoProvider provides geophysical data and geotechnical services for global clients involved in offshore wind, energy exploration and carbon capture and storage. Its team of world-class specialists and cutting-edge technology offers consultancy, advisory, and engineering for subsurface projects.

    Mr Eirik Ellingsen, CEO of Mooreast, said, “The agreement with GeoProvider reflects our strategy to build strong partnerships that add value to our clients and increase our capability to take on larger and more complex projects. GeoProvider’s strong track record complements our core competencies as a mooring specialist, allowing us to better meet the demands of the global offshore market.”

    In line with these efforts, Mooreast also signed a Memorandum of Understanding (“MoU”) with Korea Ocean Engineering & Consultants Co., Ltd. (“KOCECO”) to promote joint business and technology collaboration in offshore mooring and seabed anchoring solutions.

    KOCECO, recognised by South Korea’s Ministry of Trade, Industry and Energy, brings extensive experience in submarine cable laying and underwater engineering services. The MoU lays the groundwork for future cooperation in the rapidly developing floating offshore wind market in North Asia, where Mooreast seeks to play a pivotal role in addressing local supply chain gaps in mooring systems.

    “The two agreements will significantly strengthen Mooreast’s global position and our commitment to our transformation to serve the renewable energy sector. Through these partnerships, we are now better equipped to deliver a comprehensive solution for the offshore sector,” added Mr Ellingsen.

    This press release has been reviewed by the Company’s sponsor, UOB Kay Hian Private Limited (the “Sponsor”). This press release has not been examined or approved by the Singapore Exchange Securities Trading Limited (the “SGX-ST”) and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.

    The contact person for the Sponsor is Mr Lance Tan, Senior Vice President, at 83 Clemenceau Avenue, #10- 01 UE Square, Singapore 239920, telephone (65) 6590 6881.

    Issued for and on behalf of Mooreast Holdings Ltd. by WeR1 Consultants Pte Ltd.

    About Mooreast Holdings Ltd.

    Mooreast is a total mooring solutions specialist, serving mainly the offshore renewable energy, offshore oil & gas (“O&G”) and marine industries, with operations primarily in Singapore, the Netherlands through its wholly-owned subsidiary in Rotterdam Mooreast Europe, and offices based in Scotland, Taiwan and Malaysia.

    Mooreast’s solutions include the design, engineering, fabrication, supply and logistics, installation and commissioning of mooring systems. Mooreast is applying its experience and expertise in mooring solutions to floating renewable energy projects, in particular floating offshore wind farms. It has successfully participated in developmental and prototype projects for floating offshore wind turbines in Japan and Europe.

    For more information, please visit https://mooreast.com/

    Media & Investor Contact Information
    WeR1 Consultants Pte Ltd
    1 Raffles Place #02-01
    One Raffles Place Mall Suite 411
    Singapore 048616
    Isaac Tang, mooreast@wer1.net (M: +65 9748 0688)

  • Mooreast Holdings Announces Business Update

    Mooreast Holdings Announces Business Update

    The Board of Directors (“Board”) of Mooreast Holdings Ltd. (“Mooreast” or the “Company”), and together with its subsidiaries, the “Group”) wishes to provide an update on several recent developments:

    Completion of Multi-Buoy Mooring Upgrade Project at Gulf of Thailand

    Further to the Company’s announcement dated 12 November 2024, Mooreast wishes to update that the project to upgrade a multi-buoy mooring (“MBM”) system off the eastern shore of the Gulf of Thailand was completed recently. The Group expects to recognise approximately S$8.8 million for this project in the first half of the financial year ending 31 December 2025 (“1H2025”).

    The successful completion underscores the Group’s capabilities to handle sizeable mooring projects within the oil and gas (“O&G”) industry. Orders related to the O&G sector had been building up in 2H2024, and have continued to gain momentum in the first four months of FY2025. Even with the delivery of the MBM project, current orders at hand are at least equal to those at the end of FY2024. Accordingly, the Group expects revenue in 1H2025 to exceed the S$13.7 million recorded in 1H2024.

    Additionally, the Group does not expect that the administrative and other operating expenses to increase significantly in FY2025 given that the current staffing is sufficient to support operations and business development in the near term and the absence of fees for professional services rendered to support the Group’s business repositioning efforts in FY2024.

    Management is actively reviewing and implementing cost control measures to improve overall cost efficiency and profitability moving forward.

    Update on Floating Wind Energy Projects in Europe and North Asia

    On 1 January 2025, Mr. Eirik Ellingsen (“Mr. Ellingsen”), a Norwegian with deep experience in the offshore and marine sector, was appointed Chief Executive Officer (“CEO”). In the last four months, he has been working closely with Mr. Sim Koon Lam (“Mr Sim”), the founder, Executive Director and Deputy Chairman, on business development strategies amid an increase in commercialisation of floating wind energy projects worldwide.

    Mr. Ellingsen has been actively engaging players involved in floating wind energy projects in Europe and North Asia, and participated in the WindEurope conference in Copenhagen, Denmark, earlier this month.

    While the ‘first wave’ of implementation – involving largely demonstration and precommercial projects – had been delayed by the supply chain disruptions caused by the COVID-19 pandemic, the industry has clearly advanced to the ‘second wave’ – commercialisation at scale.

    With the progress toward commercialisation, the Environmental Resources Management’s “Q3 2024 Global Offshore Wind Market Update” reported over 390 GW of floating wind projects in various planning and development stages.

    Compared to 50-100 megawatts (“MW”) typical at pre-commercialisation, the latter involves projects of at least 500 MW each. Many of these projects are reaching the final investment decision (“FID”) phase in 2026 and 2027. These include multigigawatt (“GW”) scale projects which can contribute substantially to the growth of offshore wind capacity globally. Typically, mooring and rigging solutions, including anchors, chains, and ropes, account for between 5% to 10% of the total value of each floating wind energy project.

    Approximately 5.5 GW of floating wind capacity is expected to reach FID in the next 24-36 months. Of this, about two-thirds involve projects in Europe, including those in the North Sea, while a third will come from North Asia. These projects may be deemed as the addressable market of Mooreast. As the Group is currently not targeting U.S. floating wind energy projects, it is not subject to U.S. Government tariffs for its products.

    Already, Mooreast is working closely with these projects and has indicated its component costings. As these progress to full implementation, developers and partners are looking for a reliable manufacturer capable of handling the large volumes of anchors and mooring components required for these large-scale projects.

    The Group believes it is uniquely positioned, given its status as Asia’s only ultra-high power anchor designer and manufacturer and its global footprint. Mooreast recently opened new offices in Taiwan and Malaysia in June and July 2024, respectively, expanding its presence in the Asian region.

    The Group continues to assess the ability of its present facility at 51 Shipyard Road in Singapore to handle production of anchors and components as these projects advance to formal tender, noting that developers have indicated suppliers would need to demonstrate beforehand sufficient capacity to handle the indicative volume. Should such orders escalate beyond the current capacity of the existing yard, Mooreast would need to explore access to additional capacity. Meanwhile, the Company continues to develop its supply chain to better serve its customers globally.

    The Company will provide updates to shareholders as and when there are material developments regarding floating renewable energy projects.

    BY ORDER OF THE BOARD MOOREAST HOLDINGS LTD.
    Mr Eirik Ellingsen
    Chief Executive Officer
    23 April 2025

    This announcement has been reviewed by the Company’s sponsor, UOB Kay Hian Private Limited (the “Sponsor”).

    This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited (“SGX-ST”) and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.

    The contact person for the Sponsor is Mr Lance Tan, Senior Vice President, 8 Anthony Road, #01-01, Singapore 229957, telephone (65) 6590 6881.

  • SGX-Listed Mooreast Appoints Norwegian Eirik Ellingsen as CEO to Drive Growth in Global Floating Offshore Wind Market

    Mooreast Holdings Ltd. (“Mooreast” or the “Group”), announced today it will appoint Mr Eirik Ellingsen, a Norwegian with deep experience in the offshore and marine sector, as Chief Executive Officer (“CEO”) amid growing adoption of floating wind energy projects worldwide.

    Mr Eirik Ellingsen’s appointment, which will begin 1 January 2025, comes amid the growing commercialisation of floating offshore renewable energy projects
    Mr Eirik Ellingsen’s appointment, which will begin 1 January 2025, comes amid the growing commercialisation of floating offshore renewable energy projects

    Mr Ellingsen will assume the role of CEO at Mooreast on 1 January 2025. He will be taking over from Mr Sim Koon Lam, the founder, who will continue to serve as Executive Director and Deputy Chairman of the Group.

    Mooreast is a total mooring solutions specialist and Asia’s only ultra-high power anchor manufacturer primarily serving the offshore renewable energy, offshore oil & gas and marine industries. With operations in Singapore and the Netherlands, the Group is establishing a manufacturing facility in Aberdeen, Scotland, and is making forays into the North East Asia market.

    In June 2024, the Group announced that it was acquiring 60 Shipyard Crescent from a subsidiary of Seatrium Limited. The acquisition increases Mooreast’s total land area to 129,609 sqm (approx. 1.4 million sqft) and quadruples its production capacity to produce enough subsea foundation to support between 1.5 gigawatts (“GW”) to 2GW of floating offshore wind energy per annum compared to its current capacity of 0.5GW.

    Mr Ellingsen, who is also a resident of Singapore, brings over 35 years of experience to the role. He is currently serving as Director of Offshore Wind in the Asia Pacific at independent non-profit foundation Norwegian Energy Partners (“Norwep”). In that role, he built strong relationships with the global offshore wind industry across South Korea, Japan, Taiwan, the Philippines, Vietnam and Australia. His last day at Norwep will be 31 December 2024.

    Before joining Norwep, Mr Ellingsen held several key roles in the global offshore industry. Notably, he served as Group Executive Director for Ferguson Group Ltd, where he oversaw its global container and modular business, and established its Singapore operations in 2008. He also founded Norway-based Ferdocean AS in 2018 which was sold in 2022. Following the sale, he was appointed Non-Executive Director of Ferdocean AS, where he provided strategic operational oversight of the business.

    Mr Ellingsen holds certifications in Business Sustainability Management from the University of Cambridge, Leadership and Competence Development for Board and Committee Members from the University of Stavanger and in Foundation Program in Business Administration from the BI Norwegian School of Management. Additionally, he is a certified ISO 9001, 14001, 27001 Lead Auditor through the Knowledge Academy.

    Mr Ellingsen’s appointment comes amid the growing commercialisation of floating renewable energy projects, which are moving further offshore to deeper waters, driving demand for advanced mooring solutions such as anchoring techniques and synthetic mooring lines.

    Floating wind farm developers require an innovative partner with a reliable network of suppliers and manufacturing capabilities to reduce costs and address supply chain challenges. This presents Mooreast with a strong opportunity to offer its cutting-edge mooring solutions.

    Mooreast said it would leverage on Mr Ellingsen’s extensive expertise and network within the offshore wind industry to capture business opportunities, as the Group positions itself as a key player in the global floating offshore wind market.

    Commenting on the appointment, Mr Sim Koon Lam said, “We are delighted to welcome Mr Ellingsen to the team; his experience, strong track record and deep industry knowledge and network will further accelerate our push towards the floating offshore renewable sector. We are confident he will strengthen our strategic direction, propel the Group to the next level and deliver long-term value to our shareholders.”

    Mr Eirik Ellingsen said “I am deeply honoured and excited to take on the role of CEO at Mooreast. I look forward to working with the Mooreast team to implement key transformation strategies to build momentum and achieve the Group’s long-term vision of becoming the leading mooring solutions provider within the floating renewable energy sector.”

    Leveraging more than 30 years of mooring and offshore marine expertise, Mooreast total mooring solutions include the design, engineering and fabrication of specialist anchors and equipment, as well as geotechnical and geophysical studies such as soil data analysis to determine project feasibility and engineering design for mooring configuration for floating wind turbines. The Group also incorporated Mooreast Taiwan in May 2024 and Mooreast Malaysia in July 2024.

    This press release has been prepared by the Company and its contents have been reviewed by the Company’s sponsor, W Capital Markets Pte. Ltd. (the “Sponsor”). This press release has not been examined or approved by the Singapore Exchange Securities Trading Limited (the “SGX-ST”) and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.

    The contact person for the Sponsor is Ms Alicia Chang, Registered Professional, W Capital Markets Pte. Ltd., at 65 Chulia Street, #43-01 OCBC Centre, Singapore 049513, Telephone (65) 6513 3525.

    Issued for and on behalf of Mooreast Holdings Ltd. by WeR1 Consultants Pte Ltd.

    About Mooreast Holdings Ltd.

    Mooreast is a total mooring solutions specialist, serving mainly the offshore renewable energy, offshore oil & gas (“O&G”) and marine industries, with operations primarily in Singapore, the Netherlands through its wholly-owned subsidiary in Rotterdam Mooreast Europe, and offices based in Scotland, Taiwan and Malaysia.

    Mooreast’s solutions include the design, engineering, fabrication, supply and logistics, installation and commissioning of mooring systems. Mooreast is applying its experience and expertise in mooring solutions to floating renewable energy projects, in particular floating offshore wind farms. It has successfully participated in developmental and prototype projects for floating offshore wind turbines in Japan and Europe.

    For more information, please visit https://mooreast.com/

    Media & Investor Contact Information
    WeR1 Consultants Pte Ltd
    1 Raffles Place #02-01
    One Raffles Place Mall Suite 332
    Singapore 048616
    Isaac Tang, mooreast@wer1.net (M: +65 9748 0688)

  • Mooreast Opens its First Northeast Asian Sales Office in Taiwan

    Mooreast Holdings Ltd. (Mooreast or the Group) inaugurated its sales office in Taiwan today, marking its foray to Northeast Asia as part of an expansion to offer total mooring solutions to the global emerging floating renewable energy sector.

    On 16 May 2024, SGX Catalist-listed Mooreast incorporated Mooreast Taiwan Limited (“Mooreast Taiwan”) in Taipei, a wholly-owned subsidiary of Mooreast Renewable Pte. Ltd., which in turn is a wholly-owned subsidiary of the Group.

    Representatives of Taiwan’s Industrial Development Administration witnessed the opening of the office. Representing Mooreast were Chairman Mr Joseph Ong, Deputy Chairman, Executive Director and CEO Mr Sim Koon Lam, and Head Commercial Mr Jaymes Sim, along with senior management.

    Bringing more than three decades of mooring and offshore marine expertise, along with a strong track record of completing 21 offshore wind-related projects since 2013 – totalling 86.3 megawatts of energy capacity – Mooreast will offer a diverse range of products, services and solutions catered to supporting the next phase of Taiwan’s wind development into floating wind farms.

    Mooreast, Asia’s only ultra-high power anchor manufacturer, said Taiwan offers one of the most exciting floating renewable markets in the region. The Group, together with its partners in the region, will jointly offer Engineering, Procurement, Construction and Installation services for floating energy projects.

    Mooreast Chairman Mr Joseph Ong said the office in Taiwan will spur collaboration
    Mooreast Chairman Mr Joseph Ong said the office in Taiwan will spur collaboration

    The Taiwan expansion is part of the Group’s broader transformation to meet anticipated demand in the emerging floating offshore renewable market. On 19 June 2024, the Group announced it intends to acquire a 98,919 sqm (approx. 1.1 million sqft) facility from a subsidiary of Seatrium Limited. This will quadruple its production capacity in Singapore to better serve the fast-growing floating offshore renewable sector.

    Mooreast has also signed a non-binding term sheet to secure a S$20.01 million convertible loan from SG-RT FUND, a sub-fund of CEC-SG VCC, a Singapore- registered umbrella variable capital company managed by N PrimePartners Capital Pte. Ltd. on 13 June 2024.

    The funds will provide essential working capital for FY2024 and to support the Group’s expansion and growth strategies to strengthen the Group’s mooring supply chain internationally.

    Mr Joseph Ong said, “Backed by 30 years of mooring expertise, we are confident of our ability to support the fast-growing offshore wind sector in Taiwan and, indeed, Northeast Asia. A physical presence in Taiwan will spur collaboration with contractors and partners to offer differentiated service and solutions to our customers.”

    Mr Sim Koon Lam, said, “Taiwan is a key market for Mooreast, and we are committed to support its renewable energy initiatives. We look forward to nurturing relationships with existing and new partners to build a stronger eco-system for the floating renewable energy sector in the region.”

    This press release has been prepared by the Company and its contents have been reviewed by the Company’s sponsor, W Capital Markets Pte. Ltd. (the “Sponsor”). This press release has not been examined or approved by the Singapore Exchange Securities Trading Limited (the “SGX-ST”) and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.

    The contact person for the Sponsor is Ms Alicia Chang, Registered Professional, W Capital Markets Pte. Ltd., at 65 Chulia Street, #43-01 OCBC Centre, Singapore 049513, Telephone (65) 6513 3525.

    Issued for and on behalf of Mooreast Holdings Ltd. by WeR1 Consultants Pte Ltd.

    About Mooreast Holdings Ltd.
    Mooreast is a total mooring solutions specialist, serving mainly the offshore renewable energy, offshore oil & gas (“O&G”) and marine industries, with operations primarily in Singapore, the Netherlands through its wholly-owned subsidiary in Rotterdam Mooreast Europe, and offices based in Scotland and Taiwan.

    Mooreast’s solutions include the design, engineering, fabrication, supply and logistics, installation and commissioning of mooring systems. Mooreast is applying its experience and expertise in mooring solutions to floating renewable energy projects, in particular floating offshore wind farms. It has successfully participated in developmental and prototype projects for floating offshore wind turbines in Japan and Europe. For more information, please visit https://mooreast.com/

    Media & Investor Contact Information
    WeR1 Consultants Pte Ltd
    1 Raffles Place #02-01
    One Raffles Place Mall Suite 332 Singapore 048616
    Isaac Tang, mooreast@wer1.net (M: +65 9748 0688)

  • SGX-Listed Mooreast to Acquire 98,919 sqm Facility from Seatrium, Quadrupling Production Capacity to Serve Floating Offshore Renewable Sector

    Mooreast Holdings Ltd. (“Mooreast” or the “Group”), announced today that its wholly-owned subsidiary, Mooreast Asia Pte. Ltd., intends to acquire a 98,919 sqm (approx. 1.1 million sqft) facility from a subsidiary of Seatrium Limited (“Seatrium”), quadrupling its production capacity in Singapore to serve the fast-growing 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 Limited, 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 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 (approx. 323,000 sqft) 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 (approx. 1.4 million sqft). 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.

    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 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.

    Mr 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

    This press release has been prepared by the Company and its contents have been reviewed by the Company’s sponsor, W Capital Markets Pte. Ltd. (the “Sponsor”). This press release has not been examined or approved by the Singapore Exchange Securities Trading Limited (the “SGX-ST”) and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.

    The contact person for the Sponsor is Ms Alicia Chang, Registered Professional, W Capital Markets Pte. Ltd., at 65 Chulia Street, #43-01 OCBC Centre, Singapore 049513, Telephone (65) 6513 3525.

    Issued for and on behalf of Mooreast Holdings Ltd. by WeR1 Consultants Pte Ltd.

    About Mooreast Holdings Ltd.

    Mooreast is a total mooring solutions specialist, serving mainly the offshore renewable energy, offshore oil & gas (“O&G”) and marine industries, with operations primarily in Singapore, the Netherlands through its wholly-owned subsidiary in Rotterdam Mooreast Europe, and offices based in Scotland and Taiwan.

    Mooreast’s solutions include the design, engineering, fabrication, supply and logistics, installation and commissioning of mooring systems. Mooreast is applying its experience and expertise in mooring solutions to floating renewable energy projects, in particular floating offshore wind farms. It has successfully participated in developmental and prototype projects for floating offshore wind turbines in Japan and Europe.

    For more information, please visit https://mooreast.com/

    Media & Investor Contact Information
    WeR1 Consultants Pte Ltd
    1 Raffles Place #02-01
    One Raffles Place Mall Suite 332
    Singapore 048616
    Isaac Tang, mooreast@wer1.net (M: +65 9748 0688)

  • SGX-Listed Mooreast Secures Anchor Order for Floating Offshore Wind Project in Southern France

     Mooreast Holdings Ltd. (“Mooreast” or the “Group”) has secured an order to supply its proprietary anchors for a pre-commercial floating offshore wind farm. Located off the French coast of Port-La Nouvelle and Gruissan in Southern France, Eolmed is a project developed by Qair, a European independent energy company, with TotalEnergies and floating technology supplier BW Ideol.

    Mooreast and Bourbon Offshore at the first steel cut ceremony; Mooreast will supply its MA5S mooring drag anchors to the biggest of the first three floating wind energy projects in France
    Mooreast and Bourbon Offshore at the first steel cut ceremony; Mooreast will supply its MA5S mooring drag anchors to the biggest of the first three floating wind energy projects in France

    Singapore Exchange-listed Mooreast, a total mooring solutions specialist and Asia’s only ultra-high power anchor manufacturer, announced today that it has partnered with French Installation Contractor Bourbon Offshore to supply Mooreast’s MA5S mooring drag anchors. The latter will provide transport and installation services to the 30MW pre-commercial project, which is the biggest of the first three floating wind energy projects to be developed in the country.

    Up to 35 tonnes each, the anchors command a holding power of up to 1,210 metric tonnes, underscoring its remarkable strength-to-weight ratio and efficiency. The anchors will be used to moor three floating wind turbines. The anchors are expected to be delivered by October 2024, and the order will contribute positively to Mooreast’s FY2024 performance.

    Singapore-based Mooreast is leveraging more than 30 years of mooring and offshore marine expertise to target the floating offshore wind sector worldwide. The fresh order marks Mooreast’s 15th offshore wind-related project since undertaking its first project in 2013, underscoring its strong track record in the emerging sector.

    Apart from specialist anchors and equipment, Mooreast also offers geotechnical and geophysical studies such as soil data analysis to determine project feasibility and engineering design for mooring configuration for floating wind turbines.

    The anchors will be manufactured at Mooreast’s yard at 51 Shipyard Road, Singapore, where the Group has also developed a range of anchors, chain stoppers and buoys to moor floating platforms.

    Mr Sim Koon Lam, founder, Executive Director, CEO and Deputy Chairman of Mooreast, said, “The project win in France underscores the growing confidence that international players in the floating renewable industry have in us. The European floating wind energy sector is known for its rigorous standards and we are proud that Mooreast is able to achieve market acceptance in this region.”

    “Already, we are in active discussions with several project developers looking to tap into our expertise and capacity for subsea foundation production. As more floating wind farms gain traction, Mooreast can add value through its specialist solutions and products. We are establishing a manufacturing facility in Aberdeen, Scotland, in addition to our regional marketing office in the Netherlands. We remain focused on offering differentiated value even as we see to capture more opportunities in the near future in this exciting sector.”

    None of the Directors or substantial shareholders of the Group, as well as their respective associates, has any interest (direct or indirect) in this new project, other than through their shareholdings in the Group.

    This press release has been prepared by the Company and its contents have been reviewed by the Company’s sponsor, W Capital Markets Pte. Ltd. (the “Sponsor”). This press release has not been examined or approved by the Singapore Exchange Securities Trading Limited (the “SGX-ST”) and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.

    The contact person for the Sponsor is Ms Alicia Chang, Registered Professional, W Capital Markets Pte. Ltd., at 65 Chulia Street, #43-01 OCBC Centre, Singapore 049513, Telephone (65) 6513 3525.

    Issued for and on behalf of Mooreast Holdings Ltd. by WeR1 Consultants Pte Ltd.

    About Mooreast Holdings Ltd.

    Mooreast is a total mooring solutions specialist, serving mainly the offshore oil & gas (“O&G”), marine and offshore renewable energy industries, with operations primarily in Singapore, the Netherlands through its wholly-owned subsidiary in Rotterdam Mooreast Europe, and the United Kingdom through Mooreast UK, an office based in Scotland.

    Mooreast’s solutions include the design, engineering, fabrication, supply and logistics, installation and commissioning of mooring systems. Mooreast is applying its experience and expertise in mooring solutions to floating renewable energy projects, in particular floating offshore wind farms. It has successfully participated in developmental and prototype projects for floating offshore wind turbines in Japan and Europe.

    For more information, please visit https://mooreast.com/

    Media & Investor Contact Information
    WeR1 Consultants Pte Ltd
    1 Raffles Place #02-01
    One Raffles Place Mall Suite 332
    Singapore 048616
    Isaac Tang, mooreast@wer1.net (M: +65 9748 0688)

  • SGX-Listed Mooreast Signs Agreement with ETZ to Explore Establishing Manufacturing Facility in Aberdeen

    SGX Catalist-listed Mooreast Holdings Ltd. (“Mooreast”; SGX: 1V3) has signed a Collaboration Agreement to explore establishing a manufacturing facility in Aberdeen, Scotland for the production of subsea foundations, and the consolidation and assembly of mooring components for the floating offshore renewable energy sector.

    Pursuant to this Agreement, the mooring and rigging solutions leader will work with ETZ Ltd (“ETZ”), a private sector-led not-for-profit company spearheading the energy transition ambitions of Northeast Scotland by supporting the creation of a hub to protect the Scottish renewable sector whilst facilitating job creation.

    Signed in Singapore with ETZ Offshore Renewables Director, Mr Andy Rodden, and witnessed by Mr Ivan McKee, Scotland’s Minister for Business, Trade, Tourism and Enterprise, the facility is projected to be more than double the floor space and output of the Group’s Singapore facility at 51 Shipyard Road.

    It will support Mooreast’s efforts to target an increasing number of offshore wind projects emerging in Europe. High-profile projects include the ScotWind auction, The Celtic Sea Cluster and the Innovation and Targeted Oil and Gas (INTOG) project, which are expected to deliver over 20GW, 5 GW and 4.5GW of floating wind energy, respectively. As part of its strategy to capture such opportunities, the Group incorporated Mooreast UK Co Limited (“Mooreast UK”) in July 2022.

    Based on the Agreement, Mooreast and ETZ will work closely on the following areas, amongst others, to help secure a positive outcome in terms of:

    – Developing a preferred site plan to meet the requirements of Mooreast that is compatible with local planning regulations, development requirements and site limitations.
    – Delivering a jobs and skills plan to secure a workforce ready to support the effective operation of a facility whilst creating employment opportunities for local communities aligned with just transition principles.
    – Facilitating introductions to key local supply chain companies required to support the start-up and future operation of the preferred site.

    Mr Sim Koon Lam, CEO of Mooreast, said: “We are honoured to have Mr Ivan McKee grace this event. Upon completion, the facility will serve as a cornerstone of Mooreast’s expansion into Europe, and will enable us to produce high-quality products and services for our renewable energy customers in the region.”

    Scottish Government Minister for Business, Trade, Tourism and Enterprise, Ivan McKee, said: “It is great to witness the signing of this Collaboration Agreement. As the world’s largest floating offshore wind leasing round, ScotWind puts us at the forefront of the global development of offshore wind and represents a massive step forward in our transition to net zero.

    As set out in our National Strategy for Economic Transformation and our Inward Investment Plan, it is critically important that we work closely with inward investors by offering our unique ‘Team Scotland’ approach to support their growth and expansion into Scotland, enabling us to deliver inclusive economic prosperity.”

    ETZ Ltd Offshore Renewables Director, Andy Rodden, said: “Mooreast’s intention to explore establishing significant operations in Aberdeen is warmly welcomed and a testament to the critical mass this region has in the skills and expertise required to support such an exciting development.

    “Owing to a world-class oil and gas sector, our region is home to 75% of the world’s subsea engineering capability and the highest concentration of energy supply chain companies anywhere in the UK. ETZ Ltd’s role is to harness these competitive strengths and accelerate diversification in order to retain that global status as a sustainable and long-term-industry cluster for new and green energies.

    We are at the very early stages of this particular process but this potential development reflects the type of investment that will help us realise this ambition. I’m therefore delighted that ETZ Ltd, which has a key role as a catalyst to attract investment to the region, will be working closely with Mooreast on a range of areas as we seek to secure a positive outcome.”

    Mooreast has appointed Mr Barry Silver as Managing Director of Mooreast UK. He brings over 24 years of business, technical and operational experience in offshore energy markets, and will be responsible for establishing and managing the Group’s facility, as well as business development to support Mooreast’s international growth.

    Mr Sim added: “We welcome Mr Barry Silver to the Mooreast team. His deep domain knowledge, extensive experience, and strong leadership skills will be a valuable asset in bringing the Group to the next level, as we continue to capture opportunities in the offshore renewable energy industry.”

    About Mooreast [SGX: 1V3] [BBG: MOOR SP] [RIC: MOOR SI]

    Mooreast Holdings Ltd. is a total mooring solutions specialist, serving mainly the offshore oil & gas (O&G), marine and offshore renewable energy industries, with operations primarily in Singapore, and through its wholly-owned subsidiary, Mooreast Europe, a European sales office in Rotterdam, the Netherlands.

    Mooreast’s solutions include the design, engineering, fabrication, supply and logistics, installation and commissioning of mooring systems. Mooreast is applying its experience and expertise in mooring solutions to floating renewable energy projects, in particular floating offshore wind farms. It has successfully participated in developmental and prototype projects for floating offshore wind turbines in Japan and Europe. Please visit https://mooreast.com.

    About ETZ Ltd

    ETZ Ltd (ETZ) is a not-for-profit organisation operating on the basis of no commercial gain and with one over-riding goal – to protect and create as many jobs as possible ensuring a sustainable and vibrant future for the North East of Scotland and the people who live and work here. ETZ Ltd will is supporting the creation of a world-leading hub for renewable energies – offshore wind, hydrogen, carbon capture and storage – establishing a sustainable cluster of activity, jobs and skills. For more information, please visit https://etzltd.com.

    Media & Investors:
    WeR1 Consultants Pte Ltd
    Isaac Tang, e: mooreast@wer1.net, m: +65 9748 0688

    This press release has been prepared by the Company and its contents have been reviewed by the Company’s sponsor, W Capital Markets Pte. Ltd. (the “Sponsor”). This press release has not been examined or approved by the Singapore Exchange Securities Trading Limited (the “SGX-ST”) and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.

    The contact person for the Sponsor is Ms Sheila Ong, Registered Professional, W Capital Markets Pte. Ltd., at 65 Chulia Street, #43-01 OCBC Centre, Singapore 049513, Telephone (65) 6513 3541.

    Issued for and on behalf of Mooreast Holdings Ltd. by WeR1 Consultants Pte Ltd.

  • Mooreast Outlines Strategies to Enhance Mooring Solutions for the Floating Renewable Energy Sector

    Mooreast Holdings Ltd (SGX:1V3) announced plans to expand its mooring and rigging solutions product portfolio and to enhance partnerships with international players in order to extend its value proposition to the global floating offshore renewable energy sector.

    The Board of Directors of Mooreast Holdings Ltd. would like to update shareholders on several developments in the Group’s business and growth strategies since the release of its financial performance for the year ended 31 December 2021 (FY2021) in February 2022. The full announcement to the SGX is appended below:

    Having successfully completed its Initial Public Offering (IPO) on the Singapore Exchange Catalist Board on 24 November 2021, the Group intends to leverage its listed status and stronger balance sheet to strengthen its foothold within the global floating offshore renewable energy sector. These post-IPO strategies include:

    (I) expanding its product portfolio of mooring and rigging solutions to better support renewable energy customers;(ii) establishing collaborations with international companies involved in the sector; and (iii) enhancing capabilities within its newly established Yard Division at its new premises at 51 Shipyard Road in Singapore.

    New Products for the Renewable Sector

    Mooreast has been actively developing and marketing a suite of innovative mooring and rigging solutions catering to various markets, with particular focus on floating renewable platforms.

    – Anchors :
    In Q2/2022, the Group, through its subsidiary Mooreast Europe, secured a EUR1 million (approx S$1.46 million) order for MA9P anchors, the latest model designed and produced by Mooreast, for one of Bluewater Energy Services’ projects. Bluewater Energy Services, founded in 1978, is headquartered in The Netherlands. With the anchors expected to be delivered by the end of August 2022, the contract underscores the rapid market acceptance of our proprietary design, which debuted in January 2022. The Group foresees its MA9 anchors becoming a core model for the floating wind energy market due to their versatility and high holding capacity.

    – Floating Solar Farm Solution :
    The Group has also successfully completed a tank test for Moorfloat, a proprietary solution catered to serve floating solar farms. Conducted by the National Maritime Research Institute in Japan, Moorfloat was tested to be able to withstand wave conditions of up to 3 metres, making it a resilient platform for developers to install offshore solar panels.

    The breakthrough Moorfloat design overcomes several mooring limitations faced by many floating solar projects currently. Its modular design facilities also make it easy to transport. The floater can be used in remote areas, as well as an alternative to other floating infrastructure projects for on-grid and off-grid renewable energy generation. The Group aims to have a full-scale demonstration ready by end of 2022.

    – Chain Stopper :
    The Group has also developed a Dual Axis Chain Stopper, a critical component which integrates the floater with the mooring system. Mooreast’s Dual Axis design allows greater degrees of freedom for the mooring line. This feature minimizes fatigue and wear on mooring chains, making it suitable for long-term mooring applications and reliability. The Group has already received in-principle approval from the American Bureau of Shipping, one of the leading classification societies in the world, and has already started marketing the product to customers in the offshore energy market.

    – Other Products :
    Among other products, Mooreast is also developing an in-line tensioner, which allows the use of simple fixed stoppers and floating wind developers to tension mooring lines without mobilising expensive offshore assets such as a floating crane, thereby reducing installation costs.

    From Products to Total Solutions

    These products underscore the Group’s ability to add value to our mooring projects. By developing or assembling a host of innovative products, backed by strong engineering basis and analysis capabilities, Mooreast is positioning itself as a holistic, total solutions provider for a variety of floating platforms used to support offshore renewable energy generation.

    This approach is being adopted amid growing emphasis globally to harness open water bodies further from shore for renewable energy. While such projects can reduce the environmental impact of terrestrial and near-shore projects, they require greater technical skills to meet more demanding conditions as well as increasing environmental standards.

    Assessment of Recent Commercialisation of Offshore Wind Energy Projects

    Offshore wind energy is expected to make up an increasing portion of the world’s energy mix. A reported 4.2 GW of new offshore wind capacity, an all-time high, will be added to Europe in 2022[1], and capacity addition is set to continue increasing in the next few years. In April 2022, Taiwan’s biggest offshore wind farm began generating power[2], and more offshore wind installations are in the pipeline. These projects underscore the shifting demand toward offshore renewable wind energy, as this sector crosses the tipping point for commercialisation.

    Developers are moving their wind turbines offshore, beginning with coastal shores and progressively moving into deeper waters, where floating platforms are a more viable solution to building fixed structures into the seabed. These developers will require offshore and mooring experience to anchor these floating platforms to the seabed, while weathering the harsh conditions of the open sea.

    Establishing New Partnerships

    Against this backdrop, another thrust of the Group’s post-IPO strategy has been to deepen penetration into the renewable energy sector globally. Since February 2022, Mooreast has established collaborations with several leading Japanese companies in the energy, construction and engineering space to pursue opportunities in floating wind farms in Japan and other countries. Mooreast will provide technical advice and support on mooring systems for such projects.

    The Group will also focus its efforts to strengthen collaborations with developers in the UK, France, Korea, Taiwan and USA. As more floating renewable projects begin to reach commercialisation, the Group will be able to leverage its experience and track record to capture market share.

    Enhancing Yard Division in Singapore

    The Group established a new Yard Division in September 2021. Taking advantage of the 192-meter waterfront facility at 51 Shipyard Road, this division provides a suite of afloat repair, upgrade and reactivation services to vessel owners and agents. It also offers shipbuilding services for small and mid-sized vessels in our workshops and open yard.

    Between September 2021 to April 2022, the Group served over 144 vessels, and expects demand to continue increasing as more vessels take the opportunity to carry out maintenance and overhaul during the recent spike in oil and gas prices.

    In response, we have continued to enhance the waterfront berth at our yard, upgrading quayside power supply units to provide offshore power to vessels, thereby reducing their reliance on marine fuel where possible.

    The Group is also offering various supplies and services to yacht owners and agents, such as load testing, changing crane wires, and provision of mooring equipment. By increasing greater synergy among our divisions, Mooreast seeks to provide holistic solutions to various vessels docked at our berth.

    Outlook

    Through its involvement in projects since 2013, Mooreast has developed a strong track record as a mooring solutions leader for the renewable sector. While the Group remains cautious about the economic outlook due to global geopolitical developments and the pandemic, it believes that the strategies initiated and the recent IPO have built a much stronger business foundation.

    About Mooreast Holdings Ltd.

    Mooreast Holdings Ltd (“Mooreast”) is a global leader in the provision of total mooring solutions, including design, engineering, fabrication, supply, installation and commissioning. Headquartered in Singapore, we are leveraging on our expertise and three decades of proven track record in the offshore, marine and oil & gas sectors as we transition to the renewable energy sector including floating wind farms.

    [1] https://tinyurl.com/offshore-wind-biz-20220421
    [2] https://tinyurl.com/cnbc-20220422

    For more information, please visit https://mooreast.com.
    Mooreast Holdings: [ Catalist; SGX:1V3 ] [ BBG; MOOR:SP ] [ RIC; MOOR:SI ]
    Issued for and on behalf of Mooreast Holdings Ltd. by WeR1 Consultants Pte Ltd.

    Media & Investors:
    WeR1 Consultants Pte Ltd
    Isaac Tang, e: mooreast@wer1.net, m: +65 9748 0688

    This press release has been prepared by the Company and its contents have been reviewed by the Company’s sponsor, W Capital Markets Pte. Ltd. This press release has not been examined or approved by the Singapore Exchange Securities Trading Limited (the SGX-ST) and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release. The contact person for the Sponsor is Mr Chia Beng Kwan, Registered Professional, W Capital Markets Pte. Ltd., at 65 Chulia Street, #43-01 OCBC Centre, Singapore 049513, Tel (65) 6513 3541.

    By Order of the Board
    Sim Koon Lam
    CEO and Deputy Chairman
    30 May 2022