Mooring and anchoring specialist Mooreast Holdings has granted an option to sell its leased property in Singapore for $23.3 million, aiming to advance its offshore wind operations at a new site.
The company stated that after repaying outstanding loans and transaction costs related to the property located at 51 Shipyard Road, it expects net proceeds of approximately $15 million. These funds will be redeployed to its newly acquired facility at 60 Shipyard Crescent in Singapore.
The property sale remains subject to several conditions, including approvals from JTC Corporation and Mooreast shareholders, and the option has not yet been exercised.
Mooreast indicated that the sale price exceeds the independent market valuation of $22 million and is also higher than the book value of the property and related assets.
According to the company, the new waterfront facility will support the manufacturing of subsea foundations and serve as a logistics hub as the company expands its offshore wind business.
Mooreast founder, executive director, and deputy chairman Sim Koon Lam said, "The proposed sale allows us to unlock value from an asset that has served us well—and redeploy that capital at a pivotal point in our growth journey. With our new facility at 60 Shipyard Crescent now secured, this transaction enables greater focus and frees up resources to directly support our transformation to serve the emerging floating offshore wind market."
Mooreast CEO Eirik Ellingsen added, "The proceeds will accelerate our development at 60 Shipyard Crescent, which will quadruple our production capacity and enable Mooreast to undertake projects of a scale previously unattainable. We believe this is the right strategic move at the right time, creating long-term value for our shareholders."
Comments