Cyan Renewables Enters Vessel Service Agreement with Marco Polo Shipyard

Marco Polo Marine’s subsidiary, Marco Polo Shipyard, has entered into a significant three-year Master Service Agreement with Cyan Renewables, a Singapore-based offshore wind vessel owner. This partnership will enable Marco Polo Shipyard to deliver extensive ship repair, maintenance, and conversion services for Cyan’s fleet of offshore wind vessels. The agreement highlights Marco Polo’s commitment to the renewable energy sector and its strategic expansion in shipyard capabilities.

Strengthening Renewable Energy Commitment

On August 21, Marco Polo Marine announced the new agreement with Cyan Renewables, emphasizing its dedication to the growing renewable energy market. Sean Lee, CEO of Marco Polo Marine, stated that this collaboration not only enhances the shipyard’s operational capacity but also positions the company to meet the increasing demand in the offshore wind sector. With expanded dry dock facilities, Marco Polo Shipyard aims to provide long-term value to its customers and stakeholders as the industry continues to evolve.

Cyan Renewables, established in 2022 by Seraya Partners, has rapidly made strides in the offshore wind industry. The company has formed multiple partnerships, acquired key supply chain companies, and signed agreements for new offshore wind vessels. Last year, Cyan secured a contract with Vaed for the design and construction of a hybrid power service operation vessel (SOV), which is set to be delivered in the second quarter of 2026. This vessel will support the Hai Long Offshore Wind Project in Taiwan, following a 15-year charter contract awarded by Siemens Gamesa.

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Expanding Fleet Capabilities

In addition to the SOV project, Cyan Renewables has been proactive in expanding its fleet capabilities. In April 2023, the company signed a letter of intent with Cosco Shipping Heavy Industry to construct its first Ulstein-design foundation installation vessel (FIV). Shortly thereafter, a Memorandum of Understanding was established with China Merchant Heavy Industry (CMHI) to manufacture a wind turbine installation vessel (WTIV). These initiatives reflect Cyan’s strategic approach to enhancing its operational capacity and supporting the offshore wind sector’s growth.

The partnership between Marco Polo Shipyard and Cyan Renewables marks a significant step forward in the renewable energy landscape, showcasing the increasing collaboration between shipyards and offshore wind operators. As both companies work together, they aim to contribute to the sustainable energy transition and bolster the offshore wind industry’s infrastructure.