Mooreast Holdings is eyeing the offshore wind market of northeast Asia with the setting up of a subsidiary based in Taiwan.
The company specialises in anchors and other rigs used to secure offshore floating platforms such as windfarms.
On April 2, it announced a contract to supply to a customer in France.
According to Mooreast, since 2017, Taiwan has been actively growing its wind power capacity. With shallow coastal sites "near-saturation", the continuously growing industry is moving towards deeper waters.
The Taiwanese government has also announced tenders for two pre-commercial “demonstration projects” of 200MW each.
The successful implementation of these projects could open the door for even larger projects and present a major opportunity, says Mooreast
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"The strategic expansion is in line with our long-term transformation to become a trusted mooring partner for floating renewable project developers," says CEO Sim Koon Lam.
“As one of only three ultra-high power anchor manufacturers – and the only one located in Asia – we are uniquely positioned to capture market share in the region, and we are eager to contribute to Taiwan’s efforts in building its offshore wind capacity," he adds.
Besides Mooreast, another SGX-listed company Marco Polo Marine 5LY , which charters support vessels, is also trying to ride Taiwan's growing market in offshore wind.
Mooreast shares last traded at 11 cents. As of May 15, its share price has dropped 21.43% year to date.
