Cyan Renewables and DRS KWP to Jointly Collaborate on Operations and Maintenance (O&M) for South Korea’s Offshore Wind Market

PRESS RELEASES

5/29/2024

This partnership will capitalise on DRS KWP’s local network to achieve the shared vision of resolving the critical supply chain issues in South Korea’s offshore wind industry.

29 May 2024, South Korea - Cyan Renewables, a portfolio company of Seraya Partners, has signed a Memorandum of Understanding (MOU) with DRS KWP, a subsidiary established by Dae-Ryuk Shipping (DRS) Group to support the offshore wind industry in South Korea. DRS KWP is currently serving as a provider of Crew Transfer Vessels (CTVs) and offshore tugboat services, specifically dedicated to meeting the growing demands of South Korea’s offshore wind farm projects.

As an international maritime operator specialising in offshore wind support vessels, Cyan Renewables has a team of highly experienced industry veterans and an extensive global network that can support the rapid expansion of offshore wind farms in South Korea, alongside DRS KWP. In turn, this partnership allows Cyan Renewables to optimise vessel utilisation while leveraging DRS KWP’s local industrial experience and nationwide networks to assimilate into the South Korean market.

Acknowledging the natural synergy between the two parties, Cyan Renewables and DRS KWP are looking to collaborate on operations and maintenance (O&M) tenders for South Korea’s offshore wind market, specifically with DRS KWP focusing on the provision of CTVs and Cyan Renewables on the supply of service operations vessels (SOVs). This collaboration can alleviate the supply chain crunch in South Korea’s offshore wind industry, build on local content and develop more local maritime talents to support South Korea’s bid to increase offshore wind capacity to 14.3 GW by 2030.

Cho Kyu Sung, Executive Vice President, DRS KWP, said, “Our collaboration with Cyan Renewables is a testament to our shared vision of supporting South Korea's renewable energy ambitions. By combining our profound local knowledge with Cyan Renewables' vast operational know-how, we are well-positioned to make a substantial impact on the offshore wind sector in South Korea. We look forward to a successful partnership that will benefit both our companies and the broader industry.”

Lee Keng Lin, CEO, Cyan Renewables, said, “We recognise the immense potential of offshore wind in South Korea and are excited to partner with DRS KWP, whose local expertise and capabilities complement our own. This MOU marks a significant step towards resolving supply chain issues and driving growth in South Korea’s offshore wind industry. Together, we are committed to enhancing operational efficiency, deepening local ties and expanding our market reach, as we support South Korea’s transition towards a green economy.”

James Chern, Chairman, Cyan Renewables, and Chief Investment Officer, Seraya Partners, said, “We are happy to witness this partnership between Cyan Renewables and DRS KWP. By leveraging the strengths of both companies, we are confident in their ability to deliver exceptional value and contribute to the growth of the offshore wind market in South Korea. This collaboration reinforces our focus on sustaining the clean energy infrastructure and facilitating the global transition towards renewable energy and net-zero emissions.”

This partnership follows the recent launch of Cyan Renewables’ South Korea office in early April. It is also the second collaboration with a leading industry player in South Korea, following the MOU with Hyundai Asset Management to further the investment in the local supply chain and enhance vessel capacity. This series of strategic alliances reflects Cyan Renewables' commitment to supporting South Korea's offshore wind industry, paving the way for the global transition from blue to green.

Enquiries: corporatecomms@cyanrenewables.com

(Source: Cyan Renewables | LinkedIn Post | All News)