Mooreast Secures US\$6.7 Million Multi-Buoy Mooring Project in Gulf of Thailand

Singapore, 12 November 2024 – Mooreast Holdings Ltd. (“Mooreast” or the “Group”) has announced a significant milestone with the securing of a new order valued at US\$6.7 million (approximately S\$8.8 million) for a multi-buoy mooring (“MBM”) upgrade project located 1.5 km off the eastern shore of the Gulf of Thailand.

This project, awarded by a Thailand-listed petroleum refining and distribution company, underscores Mooreast’s strong capabilities in the Oil & Gas (“O&G”) industry while it continues to transition towards serving the offshore floating renewable sector. The project comprises Engineering, Procurement, and Construction (“EPC”), along with installation and testing, and is slated to begin in November 2024.

Expected to be completed by the first half of 2025, Mooreast will be responsible for the design, engineering, procurement, fabrication, and installation of the MBM system. The Group will also supply its proprietary MA5P Drag Embedment Anchors, which offer a holding capacity of up to 275 metric tonnes, in addition to other mooring components for securing various offtake tankers, including very large crude carriers (VLCC).

Furthermore, Mooreast will manage the transportation and installation services for the project. The Group anticipates that the MBM Project will positively impact its financial performance for the year ending 31 December 2025 (“FY2025”).

None of Mooreast’s directors or substantial shareholders have any direct or indirect interest in the MBM Project. Mr. Sim Koon Lam, founder, Executive Director, CEO, and Deputy Chairman of Mooreast, remarked, “Securing this MBM Project reflects our strong execution ability, especially in the O&G sector where we have been operating for over 30 years. 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.”

This press release has been prepared by Mooreast Holdings Ltd. and reviewed by the Company’s sponsor, W Capital Markets Pte. Ltd. However, it has not been examined or approved by the Singapore Exchange Securities Trading Limited (SGX-ST), which assumes no responsibility for its contents.

The contact person for the sponsor is Ms. Alicia Chang, Registered Professional, W Capital Markets Pte. Ltd., at 65 Chulia Street, #43-01 OCBC Centre, Singapore 049513, Telephone (65) 6513 3525.

Issued for and on behalf of Mooreast Holdings Ltd. by WeR1 Consultants Pte Ltd.

About Mooreast Holdings Ltd.

Mooreast is a specialist in total mooring solutions, primarily serving the offshore renewable energy, offshore O&G, and marine industries. With operations in Singapore, the Netherlands, Scotland, Taiwan, and Malaysia, Mooreast provides comprehensive solutions including design, engineering, fabrication, supply and logistics, installation, and commissioning of mooring systems. The Group is leveraging its expertise to contribute to floating renewable energy projects, such as floating offshore wind farms, and has participated in developmental and prototype projects in Japan and Europe.

For more information, please visit https://mooreast.com/

Media & Investor Contact Information:

WeR1 Consultants Pte Ltd
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One Raffles Place Mall Suite 332
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Isaac Tang, mooreast@wer1.net (M: +65 9748 0688)

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult with a professional financial advisor before making any investment decisions.

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