Cyan Renewables, a portfolio company of 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.
Singapore-based Cyan Renewables, Asia’s first dedicated offshore wind vessel operator, has reached an agreement to acquire a 75% stake in Sentinel Marine, a maritime environmental response vessel operator in the UK that currently owns the youngest fleet of Emergency Response and Rescue Vessels (ERRVs) in the UK.
Sentinel Marine boasts a fleet of 13 modern, high-specification offshore support vessels equipped.
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.
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.
“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,” said Rory Deans, CEO, Sentinel Marine.
“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,” added Lee Keng Lin, Founding CEO, Cyan Renewables.