Asia’s largest offshore support vessel company is plotting expansion with an injection of Malaysian state cash.
Malaysia’s public employees’ pension scheme manager KWAP said it has pumped MYR 219m ($50m) into owner and operator Cyan Renewables in return for a minority stake.
The share sale was led by Cyan parent Seraya Partners.
“The strategic investment aligns with KWAP’s commitment to … its core values of sustainability, prosperity and innovation,” the pension manager said.
KWAP chief investment officer Hazman Hilmi Sallahuddin said: “Cyan also supports the transition of legacy to clean energy by providing essential, high-value services which raise the ceiling and also develop skilled professionals locally.”
James Chern, chief investment officer of Seraya Partners, said: “Cyan is a key energy transition platform for Seraya and has grown to become the largest offshore wind and environmental protection vessel operator globally.
“We are excited about this opportunity to partner with KWAP and to support its strategic objectives for uplifting the Malaysian economy.”
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.
Local recruitment
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 major Canadian investment fund emerged as a key backer for the private equity-backed takeover of Australia’s MMA Offshore.
Alberta Investment Management Corp was named as one of several co-investors in Cyan’s takeover deal.
The shipowner confirmed that the AUD 1.1bn ($702m) deal to acquire MMA Offshore had been completed.
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.
