Singapore’s Cyan Renewables will work with Hyundai Asset Management on boosting its fleet and capturing a slice of the growing South Korean offshore wind farm vessel market.
The company, owned by Seraya Partners, said the strategic collaboration will help ensure “robust vessel supply with strong local content”.
South Korea has set ambitious targets for renewable energy expansion, including a significant increase in offshore wind capacity to 14.3 GW by 2030.
Cyan argues a strong supply chain is critical for the successful development and construction and operation of offshore wind farms.
The collaboration will draw on Cyan’s expertise in vessel operations and offshore wind logistics while harnessing Hyundai Asset’s extensive local network and investor relations.
The company told TradeWinds that Hyundai Asset is looking to invest in newbuildings with Cyan.
Hyundai Asset chief executive Jeong Wook emphasised the significant development of offshore wind in South Korea’s energy landscape.
He said the sector is expanding exponentially.
“Cyan is the only international operator equipped with not just specialised offshore wind support vessel expertise, but also deep local content and cultural appreciation needed to thrive in this market,” Wook added.
In March, Cyan launched an AUD 1.03bn ($680m) takeover bid for Australia’s MMA Offshore.
$1bn ambitions
The deal would be the largest investment the private equity-backed market newcomer has made in the offshore sector since its launch two years ago.
Seraya Partners launched Cyan in 2022 with an aim to invest $1bn in the offshore sector, focusing primarily on offshore wind assets.
The company has since splashed its cash on acquiring existing ships and ordering new vessels.
In January, Seraya Partners acquired a 75% stake in Sentinel Marine, a UK-based maritime environmental response vessel operator with a fleet of 13 offshore support and emergency response and rescue vessels.
