Cyan Renewables Enters Vessel Service Agreement with Marco Polo Shipyard

Marco Polo Marine’s wholly owned subsidiary, Marco Polo Shipyard, has secured a three-year Master Service Agreement with Cyan Renewables, a Singapore-based offshore wind vessel owner.

Under the agreement, Marco Polo Shipyard will provide comprehensive ship repair, maintenance, and conversion services for Cyan Renewables’ fleet of offshore wind vessels, Marco Polo said on 21 August.

“The partnership with Cyan Renewables underscores our strategic commitment to the renewable energy sector while expanding our shipyard’s capabilities. With increased dry dock capacity, we are not only equipped to meet rising demand but also poised to deliver long-term value to our customers and stakeholders as the industry evolves”, said Sean Lee, CEO of Marco Polo Marine.

Cyan Renewables was established in 2022 by investment management company Seraya Partners and has since entered several partnerships in the offshore wind sector, acquired a couple of companies in the supply chain, as well as a vessel, and signed shipbuilding agreements for newbuild offshore wind vessels.

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Last year, Cyan signed a contract with Vaed for the design and construction of a hybrid power service operation vessel (SOV), with the delivery scheduled for the second quarter of 2026. The agreement followed the award of a 15-year charter contract by Siemens Gamesa for the SOV that will enter service at Hai Long 2, part of the Hai Long Offshore Wind Project in Taiwan.

In April 2023, Cyan Renewables signed a letter of intent (LoI) with Cosco Shipping Heavy Industry to build its first Ulstein-design foundation installation vessel (FIV). A few months later, the company also signed a Memorandum of Understanding (MoU) with China Merchant Heavy Industry (CMHI) to manufacture a wind turbine installation vessel (WTIV).

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