Mooreast Holdings Ltd. (“Mooreast” or the “Group”) today announced that it intends to collaborate with Sime Darby Joy Industries Sdn Bhd (“SDJ”), a subsidiary of Sime Darby Berhad (“Sime”), to develop offshore-related business opportunities, including renewable energy.
The Singapore Exchange Catalist-listed total mooring solutions provider said that under a non-binding indicative term sheet between its subsidiary, Mooreast Asia Pte. Ltd., and SDJ, both parties plan to explore, develop and undertake business opportunities to fabricate products related to offshore renewable energy, deep-sea offshore equipment and systems, as well as related services.
Under the proposed collaboration, Mooreast will provide technical support, engineering expertise, and raw materials and components, while SDJ will undertake pilot fabrication of the products, including production scheduling, manpower and logistics.
The collaboration between Mooreast and the Malaysian multinational listed on Bursa Malaysia comes amid growing demand for reliable engineering and equipment manufacturing for floating renewable energy projects in Malaysia and the region.
Mooreast, a total mooring solutions specialist and Asia’s only drag embedment anchor designer and manufacturer, is leveraging more than 30 years of experience in the offshore and marine sector to support Malaysia’s growing renewable energy ambitions.
SDJ specialises in the engineering and fabrication of heat exchangers and process equipment and has primarily served the oil and gas and petrochemical industries for more than 35 years.
Mooreast Executive Director Mr Sim Koon Lam said: “Sime is one of the most well-established industrial groups in the region. The proposed collaboration will allow Mooreast to broaden its reach in Malaysia. We see strong potential in combining our respective capabilities to pursue the offshore renewable energy sector in Malaysia and the region.”
Mr Scott Nicholls, Managing Director of Industrial Solutions under Sime’s Industrial division, said: “We are pleased to partner with Mooreast to pilot local fabrication of offshore and renewable energy equipment. SDJ’s long-standing expertise built over three decades, combined with Mooreast’s subsea know-how, will strengthen local supply chains, create skilled jobs and support the country’s clean energy transition. We look forward to working closely with Mooreast to deliver tangible value to our customers and stakeholders.”
