MOOREAST Asia, a wholly-owned subsidiary of Mooreast Holdings, has announced plans to acquire a 98,919 sq m facility from a subsidiary of Seatrium, quadrupling its production capacity in Singapore to serve the fast-growing floating offshore renewable sector.

The company has been granted an option to purchase 60 Shipyard Crescent by Seatrium New Energy.

Mooreast, Asia’s only ultra-high power anchor manufacturer says it expects to complete the proposed acquisition and commence operations at the new facility by 2024-end.

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 S$50 million ($37 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 it to produce enough subsea foundations to support between 1.5 gigawatts to 2 GW of floating offshore wind energy per annum, a significant increase from 0.5 GW currently.

Mooreast will also install solar panels on the facility’s rooftop.