Singaporean Firm Becomes Majority Owner of UK Offshore Support Fleet Operator

Business & Finance

January 25, 2024, by Adnan Memija

Cyan Renewables, a Singapore-headquartered offshore wind vessel owner established in 2022 by investment management company Seraya Partners, has acquired a majority stake in Sentinel Marine to strengthen its position in the UK offshore wind market and boost its local content.

Cyan Renewables has acquired a 75 per cent stake in Sentinel Marine, the owner of the youngest fleet of emergency response and rescue vessels (ERRVs) in the UK, according to the company.

Sentinel Marine offers a fleet of 13 high-specification offshore support vessels which 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.

According to Cyan Renewables, 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.

“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,” said Lee Keng Lin, Founding CEO of Cyan Renewables.

“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.”

Cyan Renewables was launched in September 2022 and, soon after, the firm established an office in Denmark which is the company’s regional headquarters for operations in Europe.

The company entered the European offshore wind market last year with the acquisition of the service operations vessel (SOV) Groenewind from Belgium-based DEME Group.