In its business update in the period following its financial results for the FY2021 ended Dec 31, 2021, Mooreast says it intends to leverage its listed status and stronger balance sheet to strengthen its foothold within the global floating offshore renewable energy sector.
The Catalist-listed group had just successfully completed its initial public offering (IPO) on Nov 24, 2021.
Following its IPO, Mooreast will be looking at expanding its product portfolio of mooring and rigging solutions to better support renewable energy customers; establishing collaborations with international companies involved in the sector; and enhancing capabilities within its newly established Yard Division at its new premises at 51 Shipyard Road in Singapore.
“While the group remains cautious about the economic outlook due to global geopolitical developments and the pandemic, it believes that the strategies initiated and the recent IPO have built a much stronger business foundation,” reads the statement put out by the group on May 30.
Among the updates, the group also announced that its subsidiary, Mooreast Europe, secured an order worth €1 million ($1.46 million) for MA9P anchors.
The anchors are the latest model designed and produced by Mooreast, for one of Bluewater Energy Services’ projects. Bluewater Energy Services is headquartered in The Netherlands.
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The anchors are expected to be delivered by the end of August.
The contract is said to underscore the rapid market acceptance of the group’s proprietary design, which debuted in January.
In addition, the group foresees its MA9P anchors to become one of its core anchor models for the floating wind energy market due to their versatility and high holding capacity.
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Further to its release, the group announced the successful completion of a tank test for Moorfloat.
Moorfloat is a proprietary solution catered to serve floating solar farms. The float was found to have been able to withstand wave conditions of up to three metres.
According to Mooreast, the 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. A full-scale demonstration is expected to be ready by the end of 2022.
Shares in Mooreast closed flat at 10 cents on May 30.
