News

Singapore's Cyan Renewables has been successful in its efforts to acquire ASX-listed offshore marine services company MMA Offshore, which for more than 30 years has been providing boats and crews predominantly for the Australian oil & gas industry.

Cyan describes itself as “a leading international maritime operator, dedicated to supporting the global offshore wind industry and the world’s transition towards a greener future”, and is certain to position itself to feature in Australia's nascent offshore wind industry.

In fact part of the rationale for the acquisition was to diversify MMA’s business into sustainable and low carbon end sectors and, more directly, “With the support of Cyan Renewables’ expertise in specialist offshore wind vessels, MMA [would be] well placed to support the delivery of offshore wind farms in Australia in the future”.

However Cyan Renewables, which uses the slogan “Where green meets blue”, may want to consider changing its name.

MMA Offshore operates a fleet of 19 vessels, mostly assigned to the oil & gas industry around Australasia. Among its current clients are Woodside, Inpex, Beach Energy and Cooper Energy across their petroleum operations in New Zealand, northern WA and the Bass Strait.

It was made clear in the purchase offer that Cyan intends to retain MMA’s workforce and operations, “continuing to provide a comprehensive suite of marine and subsea services to its existing clients in the offshore energy and wider maritime industries”.

Cyan plans to “utilise and grow MMA’s expertise, assets and operating model to expand further into offshore wind support services”, however this opportunity is still some years away in Australia given where the industry is at in terms of development.