Singapore's Seraya Partners is considering a dual-track process for its offshore wind services firm Cyan Renewables that could result in either a sale or an initial public offering, its chief investment officer said.
Cyan, a Singapore-based marine services company focused on renewables, could be worth as much as $2 billion, according to one person familiar with the matter.
Infrastructure-focused private equity firm Seraya Partners is assessing strategic options for Cyan after receiving several offers to acquire the company, said James Chern, managing partner and chief investment officer, as strong demand for vessels and a limited global supply push up valuations across the sector.
"Because we're the biggest player in this market globally, we receive inbound offers from buyers," he said. "Last year we had a couple inbounds, this year a couple more."
Chern said Seraya was under no pressure to sell, but would act in the interests of its investors if price and terms were attractive.
The firm has hired an adviser, though he declined to name it given the private nature of the process. Seraya said Cyan, founded four years ago, is the world’s largest marine energy transition vessel operator.
With a fleet of 35 vessels, Cyan's core activities -maintaining and repairing offshore wind turbines - span Southeast Asia and Taiwan, as well as Perth, Australia, and Aberdeen, Scotland.
Seraya declined to comment on Cyan's target valuation but said the company's annual earnings before interest, taxes, depreciation, and amortisation were more than $100 million.
"Cyan is a business with strong fundamentals that we like, benefiting from structural shortage of vessels in a growing demand cycle for vessels to serve offshore renewables and conventional energy projects," Chern said.
"We do not mind holding it long-term," Chern added. "We could exit the company if it makes sense down the road."
Bloomberg News earlier reported that Seraya was considering a sale of Cyan, citing people whom it did not identify.
In 2024, Cyan acquired Australian peer MMA Offshore for AU$1.1 billion ($790 million), marking the largest take-private deal in this space in the Asia-Pacific region.
Offshore wind capacity is expected to expand by 140 gigawatts between 2025 and 2030, more than double the growth seen in the previous five-year period, according to the International Energy Agency. China is expected to account for nearly half of the increase.
(Reporting by Gregor Stuart Hunter; Editing by Kane Wu and Louise Heavens)
