Cyan Renewables expands into UK Offshore Wind Market with Strategic Acquisition of Major UK Offshore Support Vessel Provider

PRESS RELEASES

1/25/2024

Cyan Renewables, a portfolio company of Seraya Partners, acquires a majority stake in Sentinel Marine to strengthen its position in the UK offshore wind market and boost its local content.

25 January 2024, Singapore – Cyan Renewables, Asia’s first dedicated offshore wind vessel operator, has reached an agreement to acquire a 75% stake in Sentinel Marine, a leading maritime environmental response vessel operator in the UK that currently owns the youngest fleet of Emergency Response and Rescue Vessels (ERRVs) in the UK.

Well-known for its commitment to environmental protection and safety in the maritime industry, Sentinel Marine offers a fleet of 13 modern, high-specification offshore support vessels equipped with state-of-the-art technology. This enables them to respond to environmental emergencies, such as oil spills and other incidents that may threaten the marine ecosystem, and promptly launch search and rescue operations to protect lives.

Sentinel Marine’s fleet is also designed to support various offshore activities that facilitate the global energy transition and safeguard marine biodiversity, including offshore wind, fisheries control and maritime surveillance.

Through this acquisition, Sentinel Marine’s multi-role ERRVs will complement Cyan Renewables’ vessel portfolio, while placing the latter in a strategic position to bring its expertise to the offshore wind market in the UK. With Cyan Renewables’ extensive experience in boosting local content, its presence in the UK market will contribute to the local economy through job creation and a robust exchange of industry knowledge.

By leveraging and extending Sentinel Marine’s proficiency in marine life and biodiversity protection beyond the UK, it will also create synergies in the Asia market to reinforce marine conservation efforts, which is a significant step in supporting the global transition from blue to green economy.

Rory Deans, CEO, Sentinel Marine, said, “We welcome Cyan Renewables as our majority shareholder. With its strong financial capability, Sentinel Marine will be in a stronger position to grow, especially in the market of offshore renewables.”

Lee Keng Lin, Founding CEO, Cyan Renewables, said, “With a strong management team and local know-how, Sentinel Marine is well positioned to pivot and capture a slice of the fast-growing offshore wind market in the UK. This acquisition allows Cyan Renewables to demonstrate its long-term commitment to supporting the local economy with substantial job creation and dynamic knowledge transfer. It is also in line with Cyan Renewables’ goal to double our fleet through the acquiring and newbuilding of vessels in the coming years.”

James Chern, Chairman, Cyan Renewables, and Chief Investment Officer, Seraya Partners, said, “This acquisition is an important milestone for Cyan Renewables, as we build up our portfolio of assets in the journey of global energy transition. With Sentinel Marine’s capabilities in marine protection, Cyan Renewables will be well on its way to achieving its ESG goals with an impact not just in Asia, but also in the UK and Europe regions.”

Combining Sentinel Marine’s solid reputation in providing safe and reliable offshore marine services in the UK with Cyan Renewables’ strong foundation and extensive network in the offshore wind sector, this investment marks an exciting new chapter of growth for both companies, paving the way to capitalise on the burgeoning offshore wind industry in the UK.

Enquiries: corporatecomms@cyanrenewables.com

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