Cyan Renewables lines up first foundation installation newbuild in China
Singapore-based offshore wind vessel pure-play Cyan Renewables has inked a letter of intent with China’s Cosco Shipping Heavy Industry to build its first foundation installation vessel (FIV).
The Ulstein-designed FIV will be equipped with a crane of at least 5000 tons, with the design specifically optimised for efficient installation of the heaviest monopiles and tallest jackets, Cyan said.
“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 Keng Lin Lee, CEO of Cyan Renewables.
Cyan was set up by infrastructure investment manager Seraya Partners last year with the aim of investing $1bn over the next three years to own, operate, and lease vessels across the offshore wind farm value chain.
“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,” added Swem Sun, managing director at Cosco Shipping Heavy Industry.
