Mooreast Holdings Ltd 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.
Mooreast released a Business Update outlining growth strategies outlined its growth strategies following its successful listing on Singapore Exchange (SGX) Catalist in November 2021.
The full announcement to the SGX is appended below:
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.
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.
In the 2nd quarter of 2022, the Group, through its subsidiary Mooreast Europe, secured a EUR1 million (approximately 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 one of the core anchor models 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.
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.