Asia’s largest offshore support vessel company has won more investment as it expands its fleet.
Australia’s TCorp said it has pumped more than $100m into Singapore’s Cyan Renewables, and intends to invest additional cash to support its growth.
The company is asset manager for the state of New South Wales, and is owned by it.
TCorp said the deal aligns with the state’s action on climate change and its target of net zero by 2050.
Chief investment officer Stewart Brentnall said infrastructure to support the building and maintenance of the offshore wind sector is vital and he is delighted to have made the investment.
TCorp said the move will allow it to expand and diversify its global asset portfolio, and it expects sustainable long-term returns in the fast-growing clean power sector.
James Chem, chief investment officer at major Cyan backer Seraya Partners, said the new alliance will allow the shipowner to capture growing opportunities in the offshore wind vessel sector.
Earlier this month, Cyan was plotting further expansion with an injection of Malaysian state cash.
Malaysian shipyards eyed
Malaysia’s public employees’ pension scheme manager KWAP said it had invested MYR 219m ($50m) in return for a minority stake.
Cyan, which operates a fleet of 32 ships, is already generating significant revenues from Malaysia.
It plans to invest up to MYR 1bn alongside KWAP in initiatives such as establishing its South East Asia headquarters in Malaysia and developing fleet management and chartering teams in Kuala Lumpur and Miri.
In addition, Cyan plans to hire seafarers locally and will sponsor cadets over the next 10 years.
It will also explore expanding operations by using Malaysian shipyards for vessel repairs and newbuildings.
In July, a Canadian investment fund emerged as a key backer for Cyan’s private equity-backed takeover of Australia’s MMA Offshore.
Alberta Investment Management Corp was named as one of several co-investors in the AUD 1.1bn ($702m) deal.
Seraya Partners launched Cyan in 2022 intending to invest $1bn in the offshore sector, focusing primarily on offshore wind assets.
The company has since acquired existing ships and ordered 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 ships and emergency response rescue vessels.
