Cyan Renewables, a portfolio company of Seraya Partners, has signed a Memorandum of Understanding (MoU) with DRS KWP to support the offshore wind industry in South Korea.
South Korea’s DRS KWP, a subsidiary established by the Dae-Ryuk Shipping (DRS) Group, is currently serving as a provider of crew transfer vessels (CTVs) and offshore tugboat services.
Cyan Renewables and DRS KWP are looking to collaborate on operations and maintenance (O&M) tenders for South Korea’s offshore wind market, specifically with DRS KWP focusing on the provision of CTVs and Cyan Renewables on the supply of service operations vessels (SOVs).
“We recognise the immense potential of offshore wind in South Korea and are excited to partner with DRS KWP, whose local expertise and capabilities complement our own. This MOU marks a significant step towards resolving supply chain issues and driving growth in South Korea’s offshore wind industry,” said Lee Keng Lin , CEO of Cyan Renewables.
“By combining our profound local knowledge with Cyan Renewables’ vast operational know-how, we are well-positioned to make a substantial impact on the offshore wind sector in South Korea,” said Cho Kyu Sung , Executive Vice President of DRS KWP.
According to Cyan Renewables, a Singapore-headquartered offshore wind vessel owner established in 2022, the collaboration can alleviate the supply chain crunch in South Korea’s offshore wind industry, build on local content, and develop more local maritime talents to support the country’s bid to increase offshore wind capacity to 14.3 GW by 2030.
The partnership follows the recent launch of the company’s South Korea office in early April. It is also their second collaboration with a South Korean firm, following the MoU with Hyundai Asset Management to further the investment in the local supply chain and enhance vessel capacity.
In terms of other recent news coming from Cyan Renewables, the company also teamed up with Ocean Infinity to provide geophysical and geotechnical services for offshore wind projects in the Asia-Pacific region.