Singapore-listed Mooreast has bought a 98,919 sq m facility from a subsidiary of compatriot shipyard group Seatrium.
The acquisition of the facility will quadruple the company’s production capacity in Singapore serving the floating offshore renewable sector.
The renewable sector mooring solutions specialist has been granted an option to purchase 60 Shipyard Crescent, a wholly-owned subsidiary of Seatrium.
Mooreast said it expected to complete the proposed acquisition and begin 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 sq m 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 m. The combined value of right-of-use assets and equipment is estimated at approximately $37m including machinery and equipment.
The acquisition will enable Mooreast to produce enough subsea foundations to support between 1.5GW 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.
The new facility’s 865-metre waterfrontage will be able to accommodate specialist vessels for mobilisation and demobilisation for both onshore and offshore projects globally. The company will also install solar panels on the facility’s rooftop to power on-site operations, in line with its sustainability commitments.
