SINGAPORE, Sep 9, 2021 - (ACN Newswire) - Mooring solutions specialist Mooreast Asia Pte. Ltd. ("Mooreast") said today that it has completed the acquisition of an upgraded water-front facility in Singapore that will more than double its capacity as it embarks on its strategic shift towards offshore renewable energy, particularly floating wind farms.

Mooreast's upgraded water-front facility at 51 Shipyard Road

The new facility at 51 Shipyard Road has a usable floor space of 323,000 sqft (30,000 sqm), compared to 129,000 sqft (12,000 sqm) at its previous facility at 14 Benoi Sector. It includes three main buildings which were erected by the previous owner before it went into receivership. With minimal outlay, Mooreast is now able to use the facility for components fabrication, warehousing and office functions.

Mooreast recently acquired the yard in southwest Singapore for S$18.5 million and expects to increase utilisation from 2,000 to 5,000 metric tons of steel throughput per year by 2023.

The acquisition is a major part of Mooreast's strategy to leverage on its track record and capabilities in the offshore oil and gas and marine sectors and transition to mooring and rigging products and solutions for the offshore renewable energy sector.

Offshore floating platforms to capture wind, tidal or solar energy require mooring and rigging systems to anchor safely to the seabed. Such floating platforms are increasingly preferred to fixed-bottom structures that are confined to very shallow waters and may potentially harm marine life.

Mooreast designs and fabricates mooring products such as specialised anchors and chain stoppers. It also offers related engineering, installation and commissioning services.

Amid concerns of climate change, floating wind farms are reaching a tipping point towards commercialisation worldwide. The total global floating wind market is estimated at around US$100 billion for the next 10-15 years. Mooreast sees the addressable market for mooring solutions of about US$15 billion (15% of total) as a major opportunity.

Mr Sim Koon Lam, founder and Managing Director of Mooreast, said "The new facility at 51 Shipyard Road will allow us to expand our capacity significantly and is critical for our forward strategy to position ourselves as a global leader in designing and producing total mooring solutions for the offshore renewable energy sector."

About Mooreast Asia Pte. Ltd.

Formed in 2010, Mooreast Asia Pte. Ltd. is founded by its current Managing Director and sole shareholder, Mr Sim Koon Lam. It has over 30 years of experience in the offshore oil & gas and marine sectors. In recent years, it has been transforming itself to focus on the provision of total mooring solutions for the floating renewable energy sector.

Its solutions include design, engineering, fabrication, supply, installation and commissioning of mooring systems for floating offshore wind farms or floating solar farms. Having successfully participated in developmental and prototype projects for six floating offshore wind turbines in Japan and one in Europe, Mooreast is recognised as a global leader of such specialised solutions for the renewable energy sector.

Floating offshore wind farms usually comprise turbines and large rotating blades mounted on floating platforms which are secured by a range of Mooreast products such as subsea foundations, chain stoppers, anchor chains, specialized steel and synthetic ropes. Included in the total mooring solution offered by Mooreast are technical and engineering capabilities such as geophysical, bathymetric and metocean analyses.

Media & Investor Contact InformationWeR1 Consultants Pte Ltd1 Raffles Place02-01, One Raffles Place MallSuite 332 Singapore 048616Tel: +65 6721 7161Isaac Tang, mooreast@wer1.net

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