Mooreast Holdings Ltd. (“Mooreast” or the “Group”) announced today that it has secured a new order valued at US$6.7 million (or approximately S$8.8 million) for a multi-buoy mooring (“MBM”) upgrade project at approximately 1.5 km off the eastern shore of the Gulf of Thailand (“MBM Project”), underscoring the Group’s mooring capabilities within the Oil & Gas (“O&G”) industry, even as it continues its transformation to better serve the growing offshore floating renewable sector.

The SGX-listed total mooring solutions specialist, and Asia’s only ultra-high power anchor manufacturer, said it was awarded the Engineering, Procurement, and Construction (“EPC”) as well as installation and testing project by a Thailand-listed petroleum refining and distribution company. The MBM Project will commence in November 2024.

Expected to be completed by the first half of 2025, the Group will oversee the design, engineering, procurement, fabrication and installation of the MBM system. In addition, the Group will supply their proprietary MA5P Drag Embedment Anchors, which offer a holding capacity of up to 275 metric tonnes, along with other mooring components which will be used to secure various offtake tankers, including those up to very large crude carriers (VLCC) size. The Group will also be handling the transportation and installation services for the MBM Project in the Gulf of Thailand.

The Group expects the MBM Project to contribute positively to the financial performance for the year ending 31 December 2025 (“FY2025”) and will continue to leverage its expertise to maintain a healthy project pipeline. None of the directors or substantial shareholders of Mooreast has any interest, direct or indirect, in the MBM Project.

Mr Sim Koon Lam, founder, Executive Director, CEO and Deputy Chairman of Mooreast, said, “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.”
Source: Mooreast Holdings