Mooreast Holdings has won a US$6.7 million ($8.8 million) order to help upgrade a multi-buoy mooring project off Thailand.
The oil and gas project is owned by a Thailand-listed petroleum refining and distribution company. It is sited some 1.5 km off the eastern shore of the Gulf of Thailand.
Works will commence this month and slated for completion by the first half of 2025.
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As part of the contract, Mooreast will also supply anchors with a holding capacity of 275 metric tonnes plus other mooring components.
The company expects this project to have a positive contribution for its coming FY2025 ending Dec 2025.
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Sim Koon Lam, Mooreast's founder, executive director, CEO and deputy chairman calls this project win a reflection of the company's "strong execution ability" especially in the oil and gas sector where the company has been operating for more than three decades.
"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,” says Sim.
Mooreast shares last traded at 14 cents.
