Singapore, 12 November 2024 – Mooreast Holdings Ltd. (“Mooreast” or the “Group”) has announced the acquisition of a substantial order valued at US\$6.7 million (approximately S\$8.8 million) for a multi-buoy mooring (MBM) upgrade project. This project is set to take place 1.5 km off the eastern shore of the Gulf of Thailand, highlighting Mooreast’s robust capabilities in the Oil & Gas (O&G) sector, even as the company continues to pivot towards the growing offshore floating renewable energy market.
The Singapore Exchange (SGX)-listed company, renowned for being Asia’s only ultra-high-power anchor manufacturer, has secured the Engineering, Procurement, and Construction (EPC) contract along with installation and testing responsibilities from a Thailand-listed petroleum refining and distribution company. The MBM Project is scheduled to commence in November 2024 and is expected to be completed by the first half of 2025.
Mooreast will oversee the comprehensive design, engineering, procurement, fabrication, and installation of the MBM system. A key highlight of the project includes the supply of Mooreast’s proprietary MA5P Drag Embedment Anchors, which offer a holding capacity of up to 275 metric tonnes. These anchors, along with other mooring components, will be used to secure various offtake tankers, including very large crude carriers (VLCC).
Additionally, Mooreast will manage the transportation and installation services for the MBM Project in the Gulf of Thailand. The Group anticipates that the MBM Project will significantly contribute to the financial performance for the fiscal year ending 31 December 2025 (FY2025). Importantly, no directors or substantial shareholders of Mooreast have any direct or indirect interest in this project.
Mr. Sim Koon Lam, founder, Executive Director, CEO, and Deputy Chairman of Mooreast, commented, “Securing this MBM Project reflects our strong execution ability, especially in the O&G sector where we have been operating for over 30 years. Moving forward, we remain focused on adding value to the offshore floating renewable sector through our specialist solutions and expertise, and we look forward to capturing more of such opportunities in the near future.”
This announcement is expected to be positively received by shareholders as it underscores Mooreast’s strong project pipeline and potential for revenue growth, which may positively impact the company’s share value.
