Mooreast Holdings reported a return to profitability in 2HFY2025, with earnings of $106,000 and full-year earnings of $3.64 million. The company plans to focus on the floating offshore renewable market and has received approval to acquire 60 Shipyard Crescent from Seatrium.

 

Mooreast Holdings, Asia&rsquo s only drag-embedment anchor designer and manufacturer, has signed a Memorandum of Understanding (MoU) with Norway-based GMC Holdings AS to collaborate and explore opportunities in floating offshore wind and oil and gas opportunities across the Land of the Midnight Sun and the greater North Sea area.

 

Under the MoU, both parties will set up a framework to explore joint business opportunities, share technical expertise and create tailored anchoring, mooring, and engineering solutions for the Norwegian offshore market.

 

Established in 1973, GMC is a family-owned rigging, installation and industrial specialist. Headquartered in Stavanger, Norway, GMC serves the offshore and marine sector in northern Europe.

 

Mooreast CEO Eirik Ellingsen says that Norway&rsquo s offshore sector is evolving &ldquo rapidly&rdquo with tailwinds for floating renewable projects. He says, &ldquo We look forward to partnering with GMC to tap into their deep local knowledge and operational strengths to deliver value to floating wind and oil and gas projects.&rdquo

 

In its press release, Mooreast shares that Norway has launched the first part of its inaugural floating wind tender to develop commercial projects of up to 500 MW at the Utsira Nord site and the company is presumably interested in this project. Norway aims to have 30 GW of offshore wind allocated and under development by 2040.

 

Earlier in July, Mooreast signed an agreement with Norway-based GeoProvider AS to strengthen capabilities in offshore data analysis and enhance its value proposition to the floating offshore renewable energy market.

 

For the half-year ended Jun 30, Mooreast reported revenue of $25.2 million and net profit of $6.8 million.

 

Mooreast Holdings has appointed Alvin Chew as a non-executive non-independent director from Jan 1, 2026.

 

The group says that this is in line with its acceleration of plans to serve the floating renewable market.

 

Chew is currently the managing director and head of investments at Yangzijiang Financial Holding, with more than 20 years of experience spanning direct investments, investment banking and corporate development.

 

Prior to his role at Yangzijiang Financial, Chew held senior leadership roles at EDBI, and spent close to a decade at ACA Investments as managing partner investing in mid-market private equity transactions across Southeast Asia and North Asia.

 

Chew will also serve as a member of the audit & risk committee upon his appointment to the board.

On Nov 5, ICH Group co-founder and ICH Asset Management managing director Vincent Toe directly bought 3,615,939 shares of   Mooreast Holdings   : 1V3 -0.81%, with ICH Capital Pte Ltd also directly acquiring eight million shares. The shares were acquired in a married deal at S$0.087 apiece. This took Toe&rsquo s total interest in Mooreast to above the 5 per cent substantial shareholder threshold to 5.47 per cent.

 

Toe is an experienced investment executive with over 30 years in investment banking, private equity, fund management and corporate advisory across Asia. 

 

From 2022 to 2024, he served as the inaugural CEO of Yangzijiang Financial Holding, managing assets under management of about S$4.6 billion, and previously held senior roles at UBS, DBS, JPMorgan and worked as a fund manager at GEM.

 

As reported by The Business Times on Aug 19, Toe views Singapore&rsquo s small and mid-cap segment as a structural growth driver, citing their need for capital, governance support and investor engagement as catalysts for long-term value creation.

 

Catalist-listed Mooreast provides end-to-end mooring solutions, including design, engineering, fabrication, supply, installation, and commissioning for offshore oil and gas, marine, and renewable energy sectors.

 

For its H1 FY2025 (ended Jun 30), Mooreast posted a net profit of S$3.5 million, reversing a net loss of S$1.3 million in H1 FY2024, as revenue surged 84 per cent to S$25.2 million on its mooring division performance.

 

Operating cash flow also saw a positive swing to S$5.3 million, with cash balances rising to S$18.5 million. 

 

The group remains confident in the long-term growth of floating renewable energy and is actively pursuing opportunities in Europe and North Asia.

 

To accelerate this transformation, it partnered Norway-based GeoProvider in July, leveraging its geotechnical and geophysical data for larger, more complex projects. 

 

In September, Mooreast also signed a strategic cooperation agreement with CCCC Mechanical & Electrical Engineering to jointly develop offshore renewable energy and marine projects, including offshore wind supply-chain solutions.

Catalist-listed Mooreast Holdings has signed an agreement with a Chinese-state owned infrastructure development company to collaborate on opportunities in the floating offshore renewable energy space.

 

The strategic cooperation agreement was signed with a subsidiary under China Communications Construction Company (CCCC) Mechanical & Electrical Engineering Co, to explore projects in China and the rest of the world.

 

Mooreast says that the agreement will tap on the scale of operations, expertise, resources, reputation and network of CCCC M& E within China and on Mooreast&rsquo s technical capabilities, track record and international network in the green and low-carbon development and floating renewable energy sector including offshore wind farms.

 

In addition, both parties will explore related opportunities to establish an offshore wind-related industry supply chain, and pursue projects involving engineering, production, sub-assembly, transportation and/or installation of mooring and rigging systems, wind turbines, floaters and related components or equipment for floating wind energy, as well as for other offshore and marine projects.

 

&ldquo The floating offshore wind sector in China is relatively untapped compared to what has been developed onshore. We look forward to deepening our collaboration in the near future to tap domestic and international opportunities,&rdquo says Sim Koon Lam, executive director and deputy chairman of Mooreast.

 

Mooreast Holdings has reported earnings that have increased more than fourfold to $6.8 million for the 1HFY2025 ended June 30.

 

Revenue for the 1HFY2025 came in 84% y-o-y higher at $25.2 million, and gross profit increased 115% y-o-y to $10.9 million.

 

The SGX Catalist-listed mooring specialist says that it completed several high value mooring orders worth $12.5 million during the period under review, which is not expected to recur in the second half of the year.

 

This increase was partially offset by the Renewable, Rigging & Heavy Lifting, Marine Supplies & Services and Yard divisions, amid a slowdown in market activities.

 

The group&rsquo s gross profit margin improved to 43% in 1HFY2205. Net cash flow from operating activities came in at $5.3 million for the 1HFY2025.

 

Cash and bank balances rose to $18.5 million as at end June.

 

The group announced on July 14 that it partnered with Norway-based GeoProvider AS to accelerate data analysis and support larger, more complicated projects. It also signed an MOU with Korea Ocean Engineering & Consultants Co. to promote collaboration in offshore mooring and seabed anchoring solutions.