For Mooreast, which is listed and headquartered in Singapore, the shifting seas have been a solid base for sustained growth: it is now the world’s largest drag anchor manufacturer, with over 30 years of experience in delivering mooring systems and components to various customers globally.
Drag anchors are often considered a more economical option compared to other subsea foundations, such as driven piles and suction piles. Typically embedded by simply dragging it across the sea bed, drag anchors offer lower installation costs and can be implemented in various soil conditions, making them the preferred choice amongst floating offshore renewable energy projects.
“One of our unique selling points is that, unlike most of our competitors that can only design and supply drag anchors, we can design and fabricate any kind of subsea foundation that is required for a project, whether you are in the oil and gas sector or developing offshore renewable energy installations,” says Mooreast’s head of commercial Jaymes Sim.
“This also means we have the in-depth technical expertise to tell existing and prospective clients what will and won’t work for a project. We can identify potential problems, address any concerns and give them proper advice on their project. Providing this sort of holistic perspective and service is what we excel at and offer to our customers.”
Sim says Mooreast’s leading position comes from years of careful growth management. He explains: “We gradually expanded our scope of supply when the market gave us opportunities to enter various segments of the marine and offshore industry.”
Mooreast also invested in strategic facilities to enhance its manufacturing capacity and meet other needs. In 2021, Mooreast relocated to its current waterfront yard at 51 Shipyard Road along Singapore’s southeast coast, which more than doubled its manufacturing capacity and reduced costs. Sim says: “Our products are bulky and heavy. Without a waterfront location, our clients faced higher costs related to additional labour, escorts and other logistical expenses.”
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It is acquiring a nearby facility at 60 Shipyard Crescent from a Seatrium subsidiary to expand its capacity and target the growing floating offshore renewable energy sector. Operations are expected to start by the end of 2024.
Flying high through wind ventures
Mooreast has supported the transition to renewable energy since 2013. After the devastating tsunami and earthquake in Japan in 2011, which destroyed a nuclear plant, led to radiation leaks and contamination and shifted public sentiment against nuclear power, the country’s government started to explore alternative energy sources.
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“Apart from importing oil and gas, they explored the potential of offshore wind as a viable alternative. Japan didn’t have an offshore wind industry then, so they consulted overseas experts, including Mooreast, for subsea foundations. We kept in contact and built close relationships with all stakeholders,” adds Sim.
In 2013, Mooreast participated in Japan’s first offshore wind turbine pilot project, marking its entry into the renewable energy sector. Since then, the group has been involved in various offshore green energy projects on behalf of the Japanese government, as well as endeavours in Singapore, Taiwan, Indonesia, France, Norway, Scotland and the Netherlands.
In Singapore, the group has participated in a tidal power project in Sentosa and a floating solar power system in Upper Peirce Reservoir. “We’re leveraging our expertise and track record as a leading mooring specialist in the oil and gas and marine sector and diversifying our skillset to serve the offshore renewable energy sector,” says Sim.
“We are supplying equipment, conducting studies and doing much more. Being one of only three drag anchor designers worldwide and the only Asian player in this segment gives us a tremendous advantage. We also manage our own production, sourcing and procurement, allowing us to manage our customers’ entire equipment supply chain.”
Mooreast’s equipment currently supports 86.3 megawatts of floating wind power generation, accounting for approximately 30% of the global capacity. The group is also establishing its first manufacturing facility outside Singapore, in Scotland, to serve the European and UK offshore wind market. Sim adds: “Our goal is to increase our market share and fortify our position in the floating wind space.”
Building a better world
Sim says the group’s stronger bids in offshore renewable energy will likely transform it within five to 10 years. “Contracts in the floating wind market are exceptionally large, far exceeding the scale of those in the offshore oil and gas sector. It operates on a completely different level,” he adds.
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While Mooreast is taking some risks in the short term, the potential rewards are substantial. Sim says: “These renewable energy projects are very costly and take a long time to materialise and we continually monitor their progress to ensure they stay on track, address potential issues and maintain active communication with the developers.”
Once these renewable projects generate revenue and strengthen Mooreeast’s financial position, the group will have the resources to pursue horizontal and vertical expansion opportunities. He adds: “These efforts will propel us to the next level.”
For Sim, Mooreast’s shift towards renewable energy projects is also about nurturing a better world for future generations. “As a father of two, with my younger child born just a few months ago, I constantly consider what I am building for myself, my family and the group.”
With global renewable energy generation expected to surpass non-renewable sources for the first time in 2025, Mooreast sees increased opportunities in offshore wind turbines, solar panels and other green power installations. The group is committed to this sector in the long term and plans to help advance the offshore renewable energy sector as it continues contributing its mooring solutions.
Sim adds: “We’re constantly conversing with others about what we can do to lift the industry. By collaborating and sharing ideas, we can achieve greater advancements in sustainable energy. That will benefit everyone, including those of us in the business and beyond.”
About Mooreast Holdings 1V3
Mooreast is a total mooring solutions specialist, mainly serving offshore renewable energy, offshore oil and gas (“O&G”) and marine industries. It operates primarily in Singapore and the Netherlands through its wholly-owned subsidiary in Rotterdam, Mooreast Europe and offices in Scotland and Taiwan.
Mooreast’s solutions include the design, engineering, fabrication, supply and logistics, installation and commissioning of mooring systems. Mooreast is applying its experience and expertise in mooring solutions to floating renewable energy projects, particularly floating offshore wind farms. It has successfully participated in developmental and prototype projects for floating offshore wind turbines in Japan and Europe. For more information, please visit https://mooreast.com/
About kopi-C: The Company Brew
kopi-C is a regular column by SGX Research in collaboration with Beansprout (https://growbeansprout.com), a MAS-licensed investment advisory platform that features C-level executives of leading companies listed on SGX. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations
