Singapore-headquartered Mooreast Holdings has announced the successful completion of its multi-buoy mooring system upgrade project in the Gulf of Thailand, a significant milestone expected to contribute approximately $88 million to its revenue in the first half of 2025. This achievement highlights Mooreast’s expertise in handling large-scale projects within the oil and gas sector, with current orders matching those at the end of 2024, indicating a promising revenue outlook for the company.
The company, led by newly appointed CEO Eirik Ellingsen, is also making strides in the floating wind energy sector. Ellingsen, who joined Mooreast in January, has been actively engaging with stakeholders in Europe and North Asia, regions poised for substantial growth in floating wind projects. The Environmental Resources Management’s Q3 2024 report highlights over 390 gigawatts of floating wind projects in development, with significant portions expected to reach final investment decisions by 2027.
Mooreast is strategically positioned to capitalise on this growth, given its status as Asia’s sole ultra-high power anchor designer and manufacturer. The company has expanded its presence in Asia with new offices in Taiwan and Malaysia, enhancing its ability to serve the burgeoning market. As the demand for anchors and mooring components increases, Mooreast is assessing its production capabilities and may seek additional capacity to meet future needs.
The company remains committed to updating shareholders on developments in the floating renewable energy sector, as it continues to refine its supply chain and production strategies to support global projects.
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