Singapore wind power company Cyan Renewables has announced that it has acquired a 75% stake in Aberdeen-based Sentinel Marine.
The Singapore company said Sentinel’s local reputation and fleet, combined with its “strong base and extensive network in the offshore wind sector”, would allow both companies to tap into the UK’s “burgeoning offshore wind industry”. Says.
The Northeast offshore support vessel operator currently has a fleet of 13 vessels, enabling them to work on offshore wind farms and respond to environmental emergencies such as oil spills.
Sentinel has the UK’s youngest fleet of Emergency Response and Rescue Vessels (ERRVs).
Rory Deans, CEO of Sentinel Marine, said: “We welcome Cyan Renewables as a major shareholder.
“Sentinel Marine’s strong financial capabilities will put it in a stronger position for growth, particularly in the marine renewable energy market.”
Cyan says it hopes to bring its offshore wind expertise to the UK through the acquisition.
The company claims to “contribute to the local economy through job creation and a strong exchange of industry knowledge.”
However, the company has not said how many jobs it aims to create in the UK after acquiring Sentinel Marine.
Lee Keng Lin, founding CEO of Cyan Renewables, commented: “With a strong management team and local know-how, Sentinel Marine is well placed to pivot and capture a slice of the UK’s rapidly growing offshore wind market.
“This acquisition enables Cyan Renewables to demonstrate its long-term commitment to supporting local economies through substantial job creation and dynamic knowledge transfer.
“This is also consistent with Cyan Renewables’ goal to double our fleet through vessel acquisition and newbuilds over the next few years.”
Sentinel Marine has been asked for details about the value of the deal and the jobs it will create in the UK.
More to come.
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