Sentinel Marine is best known for its work in the offshore oil and gas market, but Cyan Renewables plans to take it further into the offshore wind sector (source: Sentinel Marine)
Cyan Renewables, the portfolio company formed by Seraya Partners, has acquired a majority stake in UK shipowner Sentinel Marine
Cyan Renewables – Asia’s first dedicated offshore wind vessel operator – has reached an agreement to acquire a 75% stake in Sentinel Marine, a leading /operator of emergency response and rescue vessels (ERRVs).
Although primarily designed to support offshore oil and gas operations, Sentinel Marine’s fleet is suitable for work in other sectors, including offshore wind.
Cyan Renewables said the acquisition of Sentinel Marine’s ERRVs will complement its vessel portfolio, placing the latter in a position to bring its expertise to the offshore wind market in the UK. The Singapore-based company said the deal will also create synergies in the Asian market.
Sentinel Marine chief executive Rory Deans 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.”
Cyan Renewables founding chief executive Lee Keng Lin said, “With strong management team and local know-how, Sentinel Marine is well-placed 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.”
