24 April 2023, Singapore - Seraya Partners portfolio company Cyan Renewables ("Cyan") is excited to announce that it has placed a Letter of Intent ("LOI") to build its first Foundation Installation Vessel ("FIV") at Cosco Shipyard, one of the world’s leading shipyards. With this LOI, Cyan is one step closer towards working with its leading design partner Ulstein Design & Solutions B.V. to realise its ambitions of accelerating the growth of the offshore wind farm industry.

The future-fit vessel will be equipped with a crane of at least 5,000 tons, with the design specifically optimised for efficient installation of the heaviest monopiles and tallest jackets. It can be easily fitted with mission-critical equipment from the offshore wind farm operator’s vendor of choice with minimal adjustments required. The vessel comes with motion characteristics and station-keeping capabilities to ensure the least amount of downtime even in an offshore environment. The latest technologies will be employed to minimise emissions and will be ready for future fuels.

“The LOI is the beginning of the growth of the Cyan FIV fleet. With this first step, we are well-placed to work with developers, EPC and T&I companies to resolve the challenge of vessel shortage. Cosco has a strong track record in delivering modern offshore installation vessels, and I look forward to the partnership.” Said Mr. Keng Lin Lee, Chief Executive Officer of Cyan Renewables.

"We are grateful for the vote of confidence by Cyan. Cyan has a solid management team and strong financial capability to resolve the vessel shortage issues. With our track record, we are confident that we will be a strong partner to Cyan as they grow their fleet," said Mr Swem Sun, MD, Cosco Shipping Heavy Industry.

Cyan was launched by Seraya Partners in September 2022 as Asia’s first pure-play vessel operator serving the offshore wind farm industry.