New Singapore offshore wind vessel owner targets $1bn fleet

Founded by Seraya Partners the energy transition investment platform Cyan is touted as the world's first pure play offshore wind farm vessel operator serving the Asian market.

In a press release issued on Monday Cyan said it owns, operates, and lease vessels across the offshore wind farm value chain including Crew Transfer Vessel (CTV), Service Operation Vessel (SOV) and Wind Turbine Installation Vessel (WTIV).

Cyan’s website features blurred out images of two WITVs, and a CTV, and an SOV – with the text “to be announced” for each vessel.

The company said aims to own and operate a portfolio of vessels worth $1bn within five years.

Cyan also claimed a team of global shipping and renewable energy veterans based in Singapore and Denmark. The undisclosed team will be led Group CEO Lee Keng Lin who previously headed Kuok Singapore’s KSL Maritime Group. 

"Offshore wind is both a key enabler of net zero and energy security today, and an impetus to grow the pool of specialised vessels to support offshore windfarm work. I am heartened to share the same vision with Seraya and look forward to growing Cyan to becoming the world’s leading offshore wind vessel owner. Singapore as an international maritime centre with the necessary infrastructure will be key in us reaching our vision, and I look forward to future collaborations with partners across the maritime ecosystem.” said Lee.

Related:Norway could have 14% share of floating offshore wind market by 2050

“Offshore wind farms form the backbone of energy transition reducing our dependency on fossil fuels. Asia is starting to develop offshore wind farms and there’s a clear value proposition that Cyan can deliver to end users. We are fully committed to growing Cyan into the world’s first pureplay offshore wind farm vessel operator,” said James Chern, Chairman and Managing Partner of Seraya Partners.

Cyan Renewables is the third company in Seraya’s portfolio joining data centre operator Empyrion DC established in 2021, and electric vehicle charging and storage company Astrid Renew set up this year.