Singapore: Mooring solutions provider Mooreast Holdings Ltd announced it is collaborating with Sime Darby Joy Industries Sdn Bhd, a unit of Sime Darby Bhd, to explore offshore business opportunities, including renewable energy initiatives.

According to BERNAMA News Agency, the Singapore Exchange Catalist-listed company stated that the collaboration is based on a non-binding indicative term sheet between its subsidiary, Mooreast Asia Pte Ltd, and Sime Darby Joy Industries. The partnership aims to explore, develop, and undertake opportunities to fabricate products for offshore renewable energy, deep-sea offshore equipment and systems, as well as related services.

Under the terms of the collaboration, Mooreast will contribute technical support, engineering expertise, and raw materials and components. Meanwhile, Sime Darby Joy Industries will handle pilot fabrication, including production scheduling, manpower planning, and logistics.

The company noted that the collaboration comes in response to the increasing 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, emphasized that the collaboration would enable the group to expand its presence 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," Sim Koon Lam stated.