SGX-listed Mooreast Eyes Collaboration With Sime Darby Unit On Offshore, Renewables

SINGAPORE, Feb 3 (Bernama) -- Mooring solutions provider Mooreast Holdings Ltd said it is collaborating with Sime Darby Joy Industries Sdn Bhd, a unit of Sime Darby Bhd, on offshore business opportunities, including renewable energy.

In a statement, the Singapore Exchange Catalist-listed company said the collaboration is based on a non-binding indicative term sheet between its subsidiary Mooreast Asia Pte Ltd and Sime Darby Joy Industries.

Under the arrangement, both parties plan to explore, develop and undertake opportunities to fabricate products for offshore renewable energy, deep-sea offshore equipment and systems, as well as related services.

Mooreast will provide technical support, engineering expertise, and raw materials and components, while Sime Darby Joy Industries will conduct pilot fabrication, including production scheduling, manpower planning and logistics.

The company said the collaboration comes amid growing demand for reliable engineering and equipment manufacturing for floating renewable energy projects in Malaysia and the wider region.

Mooreast Holdings executive director Sim Koon Lam said the proposed collaboration would allow the group to expand its footprint in Malaysia.

“We see strong potential in combining our respective capabilities to pursue (opportunities in) the offshore renewable energy sector in Malaysia and the region,” he said.

-- BERNAMA