On Oct 6, Mooreast Holdings : 1V3 0%founder, executive director, CEO and deputy chairman Sim Koon Lam acquired 70,000 shares at an average price of 13.0 cents per share.   With a consideration of S$9,100 this increased his total interest in the Catalist-listed company from 73.73 per cent to 73.75 per cent. This followed acquisitions of 1,000 shares at 11.0 cents per share on Sep 23, and 108,000 shares on Aug 30 at 13.1 cents per share. Sim has over 35 years of business and technical experience in the O& G industry. As CEO his core responsibilities include operations management and business development. He founded Mooreast Asia Pte Ltd in 2010 and established Mooreast Pte Ltd in Singapore in 1993 as Vryhof Anchors&rsquo Asian subsidiary to support regional operations and after-sales services.

 

On Aug 30, Mooreast Holdings : 1V3 0% founder, executive director, CEO and deputy chairman Sim Koon Lam acquired 108,000 shares at an average price of 13.1 cents per share. With a consideration of S$14,176 this increased his total interest in the Catalist-listed company from 73.68 per cent to 73.72 per cent.

 

Sim has over 35 years of business and technical experience in the O& G industry. As CEO, his core responsibilities include operations management and business development.

 

He founded Mooreast Asia in 2010 and established Mooreast Pte Ltd in Singapore in 1993 as Vryhof Anchors&rsquo Asian subsidiary to support regional operations and after-sales services.

 

With operations mainly in Singapore and a European sales office in Rotterdam, the Netherlands, Mooreast is a total mooring solutions specialist, serving the offshore O& G, marine and offshore renewable energy industries.

 

On Aug 12, Mooreast Holdings announced a 122 per cent year-on-year increase in net profit for its H1 2022 to S$0.9 million on revenue of S$13.0 million.

 

The company also noted it had successfully secured a US$2.6 million project to deliver 15 units of midwater arch buoys to Asia&rsquo s first commercial-scale floating wind farm.

Mooreast Holdings has reported that earnings for 1HFY2022 more than doubled from $392,000 to $872,000. Revenue in the same period that ended June was up 81% y-o-y to $13 million.

 

The company, which is in the niche business of providing mooring systems for the offshore and energy industries, says that its newly-established yard division helped drive the revenue growth.

 

The marine supplies and services and renewable energy divisions, on the other hand, booked lower revenue.

 

While Mooreast&rsquo s revenue increased, costs went up by a higher magnitude, causing gross profit margin to drop by 8.8%.

 

On August 11, the company announced it won a deal to deliver 15 midwater arch buoys to a 16.8MW floating offshore wind farm in Japan. Mooreast says this is the first commercial-scale floating wind farm in Japan, located off Nagasaki.

 

The floating wind farm will be built by a consortium led by Toda Corporation, a leading Tokyo-listed contractor. The project will commence in August 2022 and is seen to contribute to Mooreast&rsquo s earnings for the current FY2022 and FY2023.

 

This is Mooreast&rsquo s first commercial-scale floating renewable energy project since its IPO last November.

 

The company expects more offshore wind projects to be launched in Japan as part of the nation&rsquo s strategy to achieve carbon neutrality by 2050.

 

&ldquo Participating in Japan&rsquo s first commercial-scale floating wind farm will be another milestone in Mooreast&rsquo s strong track record,&rdquo says CEO Sim Koon Lam.

 

&ldquo It is a significant step for the group&rsquo s transformation towards supporting the floating renewable sector, and we believe our expertise and deep domain knowledge will add value to these projects," he adds.

 

The company warns that with rising rates, manpower shortage and supply chain issues operating costs will go up further. Reduced investments and financing in the oil & gas sector have also led to extended project timelines for its mooring and rigging divisions.

 

Mooreast says it will stay to its plan to actively diversify towards the renewable energy sector.

Mooreast Holdings has reported that earnings for 1HFY2022 more than doubled from $392,000 to $872,000. Revenue in the same period that ended June was up 81% y-o-y to $13 million.

 

The company, which is in the niche business of providing mooring systems for the offshore and energy industries, says that its newly-established yard division helped drive the revenue growth.

 

The marine supplies and services and renewable energy divisions, on the other hand, booked lower revenue.

 

While Mooreast&rsquo s revenue increased, costs went up by a higher magnitude, causing gross profit margin to drop by 8.8%.

 

On August 11, the company announced it won a deal to deliver 15 midwater arch buoys to a 16.8MW floating offshore wind farm in Japan. Mooreast says this is the first commercial-scale floating wind farm in Japan, located off Nagasaki.

 

The floating wind farm will be built by a consortium led by Toda Corporation, a leading Tokyo-listed contractor. The project will commence in August 2022 and is seen to contribute to Mooreast&rsquo s earnings for the current FY2022 and FY2023.

 

This is Mooreast&rsquo s first commercial-scale floating renewable energy project since its IPO last November.

 

The company expects more offshore wind projects to be launched in Japan as part of the nation&rsquo s strategy to achieve carbon neutrality by 2050.

 

&ldquo Participating in Japan&rsquo s first commercial-scale floating wind farm will be another milestone in Mooreast&rsquo s strong track record,&rdquo says CEO Sim Koon Lam.

 

&ldquo It is a significant step for the group&rsquo s transformation towards supporting the floating renewable sector, and we believe our expertise and deep domain knowledge will add value to these projects," he adds.

 

The company warns that with rising rates, manpower shortage and supply chain issues operating costs will go up further. Reduced investments and financing in the oil & gas sector have also led to extended project timelines for its mooring and rigging divisions.

 

Mooreast says it will stay to its plan to actively diversify towards the renewable energy sector.

 

On Nov 24, mooring solutions provider Mooreast Holdings $ Mooreast: 1V3 -6.12% debuted on the Catalist board. The company raised S$8.5 million in its initial public offering, with 38,850,000 invitation shares placed at 22.0 cents per share.

 

Placees included Lion Global Investors, Pheim Asset Management, and ICH Capital. Mooreast Holdings also received S$10 million in pre-IPO funding from EDBI.

 

The total mooring solutions specialist serves mainly the offshore oil & gas (O& G) and marine and offshore renewable energy industries, with operations primarily in Singapore, and through its wholly owned subsidiary, Mooreast Europe.

 

The company is also applying its experience and expertise in mooring solutions to floating offshore wind farms.

 

Management highlighted multiple economic prospects for its business that include increasing global demand for renewable energy and offshore wind energy, the increasing demand for offshore wind industry in Asia and in the UK, the rising demand for solar energy in South-east Asia, and the recovery of the O& G industry.

 

The non-executive chairman and lead independent director of Mooreast Holdings is Joseph Ong Yong Loke who held multiple senior roles at Tan Chong International from 1981 to 2016 and is currently a non-executive director of the latter.

 

The founder, executive director, CEO and deputy chairman of Mooreast Holdings is Sim Koon Lam, who is who is responsible for formulating and implementing the company' s business plans and driving its growth and corporate development.

 

Sim has been a director of the subsidiary, Mooreast Asia, since its incorporation in 2010 and has over 35 years of business and technical experience in the O& G industry.

 

Sim joined the Singapore subsidiary of Vryhof Anchors as its regional director in 1993 and oversaw its upstream diversification efforts, including the setup of its fabrication workshop at the Loyang Offshore Supply Base in Singapore, which culminated in his acquisition of the company from Vryhof Anchors in 2010.

 

With the completion of the placement, Sim is the controlling shareholder of Mooreast Holdings, with an indirect interest of approximately 73.6 per cent, through Feng Tai Investment, of which he is a 60.0 per cent shareholder, with the remaining 40.0 per cent held by Sim' s spouse, Elaine Sim.