Mooreast to Divest Property, Boost Offshore Wind Expansion

Illustration (Credit: Mooreast)

Mooring and anchoring specialist Mooreast Holdings has granted an option to sell its leasehold property in Singapore for $23.3 million, aiming to boost offshore wind activities at new location.

The company said it expects net proceeds of about $15 million after settling outstanding loans and transaction costs related to the 51 Shipyard Road property, with funds to be redeployed toward its newly acquired facility at 60 Shipyard Crescent in Singapore.

The property sale remains subject to conditions including approval from Jurong Town Corporation and Mooreast shareholders, and the option has not yet been exercised.

Mooreast said the sale price exceeds the independent market valuation of $22 million and represents a premium over the book value of the property and related assets.

According to the company, the new waterfront facility will support fabrication of subsea foundations and act as a logistics hub as it expands into offshore wind.

“The proposed disposal allows us to unlock value from an asset that has served us well – and to redeploy that capital at a pivotal moment in our growth journey. With our new facility at 60 Shipyard Crescent now in hand, this transaction sharpens our focus and frees up resources that we can direct squarely towards our transformation to serve the emerging floating offshore wind market,” said Sim Koon Lam, Founder, Executive Director and Deputy Chairman of Mooreast.

“The proceeds will accelerate our build-out at 60 Shipyard Crescent, which quadruples our production capacity and positions Mooreast to take on projects of a scale that were simply not possible before. We believe this is the right strategic step at the right time, and one that will deliver long-term value for our shareholders,” added Eirik Ellingsen, Chief Executive of Mooreast.