Catalist-listed Mooreast Holdings 1V3 has signed a collaboration agreement with ETZ to explore establishing a manufacturing facility in Aberdeen, Scotland, to produce subsea foundations. The facility is also for the consolidation and assembly of mooring components for the floating offshore renewable energy sector.
ETZ is a not-for-profit organisation that seeks to protect and create jobs in Northeast Scotland.
In accordance with the agreement which was signed in Singapore with ETZ’s offshore renewables director Andy Rodden and witnessed by Scotland’s minister for business, trade, tourism and enterprise, Ivan McKee, Mooreast will work with ETZ to establish a hub aimed at safeguarding the Scottish renewable industry and promoting employment opportunities.
The facility is estimated to have over twice the floor space and output of the group’s Singapore facility at 51 Shipyard Road. It will also support the group’s efforts to target an increasing number of offshore wind projects emerging in Europe.
Some of the high-profile projects include the ScotWind auction, The Celtic Sea Cluster and the Innovation and Targeted Oil and Gas (INTOG) project, which are expected to deliver over 20GW, 5 GW and 4.5GW of floating wind energy, respectively.
Based on the agreement, both Mooreast and ETZ will work closely on developing a preferred site plan to meet the former’s requirements and one that is compatible with local planning regulations, development requirements and site limitations.
See also: Sembcorp issues $350 mil of guaranteed notes due 2036 at 3.65%
The agreement will also see both parties delivering a jobs and skills plan to secure a workforce to support the facility’s operations. In addition, both parties will work together to facilitate introductions to key local supply chain companies required to support the start-up and future operation of the preferred site.
“We are honoured to have Ivan McKee grace this event. Upon completion, the facility will serve as a cornerstone of Mooreast’s expansion into Europe, and will enable us to produce high-quality products and services for our renewable energy customers in the region,” says Sim Koon Lam, CEO of Mooreast.
“It is great to witness the signing of this collaboration agreement. As the world’s largest floating offshore wind leasing round, ScotWind puts us at the forefront of the global development of offshore wind and represents a massive step forward in our transition to net zero,” says McKee.
“As set out in our national strategy for economic transformation and our inward investment plan, it is critically important that we work closely with inward investors by offering our unique ‘Team Scotland’ approach to support their growth and expansion into Scotland, enabling us to deliver inclusive economic prosperity,” he adds.
“Mooreast’s intention to explore establishing significant operations in Aberdeen is warmly welcomed and a testament to the critical mass this region has in the skills and expertise required to support such an exciting development,” says Rodden.
“Owing to a world-class oil and gas sector, our region is home to 75% of the world’s subsea engineering capability and the highest concentration of energy supply chain companies anywhere in the UK. ETZ Ltd’s role is to harness these competitive strengths and accelerate diversification in order to retain that global status as a sustainable and long-term-industry cluster for new and green energies,” he adds.
“We are at the very early stages of this particular process but this potential development reflects the type of investment that will help us realise this ambition. I’m therefore delighted that ETZ Ltd, which has a key role as a catalyst to attract investment to the region, will be working closely with Mooreast on a range of areas as we seek to secure a positive outcome,” he continues.
As part of its strategy to capture opportunities in the offshore wind projects emerging in Europe, the group incorporated Mooreast UK Co Limited in July 2022. It has appointed Barry Silver as its managing director of Mooreast UK Co. Silver comes with over two decades of business, technical and operational experience in offshore energy markets, and will be responsible for establishing and managing the group’s facility, as well as business development to support Mooreast’s international growth.
Shares in Mooreast closed at 17.9 cents on Feb 17.
