Company: Cyan Renewables, Sentinel Marine
Business Type: Marine Safety Solutions / Search and Rescue
UK & International Business Sales and M&A News
Cyan Renewables has acquired a 75% majority stake in ERRV operator Sentinel Marine for an undisclosed sum.
The acquisition will boost Cyan Renewables’ vessel portfolio, strengthening its position in the UK offshore wind vessel market.
Sentinel Marine, with its HQ in Aberdeen, UK, and offices in the Netherlands and Singapore, operates the current youngest fleet of Emergency Response and Rescue Vessels (ERRVs) in the UK. Its 13 offshore support vessels include the Mariner Sentinel, the Viking Sentinel, the Ocean Guardian and the Ocean Protector, serving clients in the oil and gas marine industry.
The business has a current contract in place with the European Fisheries Control Agency (EFCA) to charter three vessels in its fleet – the Ocean Guardian, Ocean Protector and Ocean Sentinel, which operate from the Sentinel Marine Netherlands office – to operate in EU and international waters as additional platforms for fisheries inspections.
Rory Deans, CEO of Sentinel Marine, 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.
“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.”
Rory Deans – CEO of Sentinel Marine
Singapore-based Cyan Renewables, a portfolio company of Seraya Partners, is Asia’s first dedicted offshore wind vessel operator which invests in a dedicated fleet of wind farm support vessels, including Cable-Lay Vessels (CLV), Service Operation Vessels (SOV) and Wind Turbine Installation Vessels (WTIV).
Lee Keng Lin, Founding CEO of Cyan Renewables, commented:
“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.”
Lee Keng Lin – Founding CEO of Cyan Renewables
Comments
No comment yet.