Singapore wind vessel operator, Cyan Renewables, has announced its acquisition of a 75% stake in Aberdeen’s Sentinel Marine.
The Singapore firm says that by combining Sentinel’s local reputation and fleet with its “strong foundation and extensive network in the offshore wind sector” the two can capitalise on the UK’s “burgeoning offshore wind industry.”
Cyan Energy claims that it will “contribute to the local economy through job creation and a robust exchange of industry knowledge.”
Rory Deans, chief executive of Sentinel Marine, told Energy Voice that the firm is not targeting a specific number of jobs. However, it looks to increase its fleet size while creating a “signigicant number of jobs” over the next three to five years.
The north-east offshore support vessel operator currently has a fleet of 13 vessels, enabling it to respond to work in offshore wind and respond to environmental emergencies such as oil spills.
Sentinel owns the youngest fleet of Emergency Response and Rescue Vessels (ERRVs) in the UK.
Following the news Mr Deans: “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 says it looks to bring its offshore wind expertise to the UK through this acquisition.
Lee Keng Lin, Founding chief executive of Cyan Renewables, commented: “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.”
The value of the deal has not been disclosed.
Recommended for you
