Mooring solutions company Mooreast Asia has acquired an upgraded water-front facility in Singapore that will more than double its capacity.
The company said the move was part of its plan to shift towards offshore renewable energy, particularly floating wind farms.
The new facility has a usable floor space of 323,000 sqft (30,000 sqm), compared to 129,000 sqft (12,000 sqm) at its previous facility.
Mooreast, which designs and fabricates mooring products such as specialized anchors and chain stoppers, said it was able to use the facility for components fabrication, warehousing, and office functions.
Mooreast recently acquired the yard in southwest Singapore for S$18.5 million and expects to increase utilization from 2,000 to 5,000 metric tons of steel throughput per year by 2023.
"The acquisition is a major part of Mooreast's strategy to leverage on its track record and capabilities in the offshore oil and gas and marine sectors and transition to mooring and rigging products and solutions for the offshore renewable energy sector," the company said.
"Offshore floating platforms to capture wind, tidal or solar energy require mooring and rigging systems to anchor safely to the seabed. Such floating platforms are increasingly preferred to fixed-bottom structures that are confined to very shallow waters and may potentially harm marine life," it added.
"Amid concerns of climate change, floating wind farms are reaching a tipping point towards commercialization worldwide. The total global floating wind market is estimated at around US$100 billion for the next 10-15 years. Mooreast sees the addressable market for mooring solutions of about US$15 billion (15% of total) as a major opportunity," the company said.
AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week