Multimarine Services

What Multimarine Services does

Multimarine Services Ltd is a privately held, Limassol (Cyprus)-headquartered mechanical and marine engineering group founded in 2001 that delivers shipyard, engineering, fabrication, heavy lifting, integrated logistics, and ship-chandlery services to the marine, offshore energy, and renewable industries across the Eastern Mediterranean and Benelux. Core technology rests on a capital-intensive asset base inside Limassol Port, anchored by the ABS-classified floating dock ERENEOS (120m length, 7,100 MT lifting capacity), a 750-tonne crawler crane on a dedicated quay, an extensive mobile-crane and multiwheeler fleet, a SORALUCE TA-D 25 6-axis milling centre (the only one of its kind in Cyprus), and DNV 2.7-1 / GE Oil & Gas approved fabrication and welding capabilities with in-house NDT inspection.

The operating model is project-based enterprise field sales, with contracts won through competitive international tenders or direct negotiation with oil & gas majors, drilling contractors, offshore wind developers, ship owners, superyacht operators, and government agencies. Revenue is generated across five streams: engineering and fabrication services (subsea structures, PLEMs, SPM buoys, riser recertification, offshore container frames), shipyard dry-docking and afloat repairs (vessels, rigs, superyachts at ERENEOS and Antwerp), crane and heavy equipment rental, port agency and logistics (Cyprus and Greece, including bonded warehousing for energy projects), and accredited calibrations/materials testing via MultiLab. Customer concentration skews to large international energy and offshore companies (SAIPEM, TechnipFMC, Bluewater, Diamond Offshore/NOV, Weatherford, Bourbon, Solstad, PGS, ENSCO/Valaris, Oceaneering, EAC Cyprus, Perini Navi, Cyprus Ports Authority). The group is structured through wholly-owned operating subsidiaries — Multimarine Shipyards, Multimarine Cranes, Atlas Offshore Operations, Cyprus Marine Inspections (CMI), MultiLab Testing, and Poseidon Multimarine — supplemented by project-specific JVs (Multimarine-Themeliotechniki, Multimarine-BIOTEK). Commercial leadership sits with the founding Phokas family (President & CEO Renos Phokas).

Name

Multimarine Services

Legal name

Multimarine Services Ltd

Website

https://multimarine.com.cy

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

51–100 employees

Short description

Multimarine Services is a Cyprus-based marine engineering group operating the ABS-classified floating dock ERENEOS and integrated fabrication, heavy lifting, and logistics facilities, serving oil & gas, offshore wind, shipping, and superyacht clients across the Eastern Mediterranean and Benelux.

Ownership category

akta.pro rank

Product category

Marine Engineering & Offshore Fabrication Services

NAICS

Ship Building and Repairing (336611), Support Activities for Water Transportation (4883), Other Support Activities for Water Transportation (48839)

SIC

Ship & Boat Building & Repairing (3730)

akta.pro primary industry

Dry Docking & Dockyard Operations (Graving/Floating Docks, Docking Services) (TLAHAMAA)

akta.pro secondary industries

Marine Service Provider Coordination (Diving, Inspection, Class/Survey Support) (TLAHAJAI), Underwater Hull Services (Diving, In-Water Cleaning, Propeller Polishing, Inspection) (TLAHAMAL), Dry Docks & Floating Docks (Graving, Floating, Syncrolift) (IMAJALAA), Underwater Inspection, Maintenance & Repair (UWILD, Diving/ROV, In-water Cleaning) (IMAJAFAJ)

Keywords

• Shipyard services
• Marine engineering
• Offshore fabrication
• Heavy lifting equipment
• Port logistics

Headquarters

HQ city

Limassol

HQ country

Cyprus

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Infrastructure, Supply Chain, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Engineering & Fabrication Services: Project-based engineering and fabrication contracts for offshore energy, subsea structures, and industrial construction. Revenue is generated from complex project engagements including marine riser recertification, subsea structure fabrication (PLEMs, SPM buoys), and pipe welding — typically one-time project contracts with duration ranging from months to over a year.
2. Shipyard Dry-Docking & Repair Services: Dry-docking, afloat repairs, and maintenance services for vessels, offshore rigs, and superyachts using the company's floating dock ERENEOS and quayside facilities in Limassol and Antwerp.
3. Crane & Heavy Equipment Rental: Short- and long-term hire of crawler cranes (up to 750t), mobile cranes, multiwheelers, trailers, generators, compressors, and specialized tools to the marine, offshore, and construction industries with 24/7 emergency call-out support.
4. Port Agency & Logistics Services: Port agency, husbandry services, customs clearance, freight forwarding, bonded warehousing, and integrated logistics for the marine and energy industries in Cyprus and Greece.
5. Calibrations & Materials Testing (MultiLab): Accredited laboratory providing materials testing and calibration services for marine and energy industry equipment including gas detectors, oily water separators, pressure/temperature instruments, and safety valves.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

Multimarine Services is a vertically integrated marine engineering contractor that delivers shipyard dry-docking and repairs, offshore fabrication (subsea structures, PLEMs, SPM buoys, DNV 2.7-1 containers), marine riser recertification, heavy lifting and crane hire, port agency and integrated logistics, and accredited materials testing/calibration services. Operations are anchored on the 7,100 MT floating dock ERENEOS and dedicated quay in Limassol Port, Cyprus, with additional ship repair capability in Antwerp and a logistics base in Thessaloniki.

Product overview

Multimarine Services operates as a diversified group of companies providing shipyard, engineering, fabrication, construction, heavy lifting, and integrated logistics services primarily serving the marine, energy, and renewable industries in the Mediterranean and Benelux regions. The portfolio consists of multiple subsidiaries including Multimarine Shipyards (operated via subsidiary multimarine-yachtservices.com), Multimarine Cranes (multimarine-cranes.com), Atlas Offshore Operations (aoo.com.cy), Cyprus Marine Inspections (CMI), MultiLab Testing, and Poseidon Multimarine Services. Core services include Shipyard Services centered on the floating dock ERENEOS (7100MT capacity), Fabrication & Construction for offshore structures, Energy Services for oil and gas developments, Offshore Wind Services for renewable energy projects, Superyacht Services, Agency & Logistics with port agency and bonded warehousing, Lifting Equipment with an extensive crane fleet up to 750t, LSA & Marine Fire Service for safety equipment, and Calibrations Laboratory for materials testing and calibration. The company was founded in 2001 and is headquartered in Limassol, Cyprus with additional operations in Greece and Belgium.

Differentiator

Problem solved

Functional benefit

Brands

• Multimarine Shipyards: Shipyard services division operating the floating dock ERENEOS in Limassol Port, Cyprus for vessel drydocking and repairs
• Multimarine Cranes
• MultiLab Testing

Products and services

• Shipyard Services

Quantifiable outcome

• Zero incidents recorded during 400-ton SPM CALM Buoy & PLEM fabrication project in 2021, completed in 4 months with 14,000+ manhours.
• +2 more outcomes

Named customers17 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eleven partnerships are on record, tiered minor and core.

• EDA Symbiosis Project ConsortiumminorStrategic or Co-development Partner · 5 October 2024Consortium led by PwC Cyprus including Multimarine, SignalGeneriX Ltd, and Theophrastus Research Institute, funded by the European Defence Agency (EDA). Project aims to harmonize offshore renewable energy installations with defence operations through mapping, simulation, and tailored mitigation strategies.
• BlueBARGE Project ConsortiumminorStrategic or Co-development Partner · 24 February 202414-partner consortium from 10 European countries developing comprehensive offshore 'cold ironing' solution for power bunkering of moored and anchored vessels. €11 million project funded by Horizon Europe over 36 months (concluding December 2026). Multimarine contributes expertise in marine infrastructure and fabrication for offshore electrical platforms.
• Columbia GroupcoreStrategic or Co-development Partner · 14 February 2024MoA signed to explore wide-ranging cooperation in maritime and energy sectors. Scope includes specialized engineering and technical support services, ship repairs and shipyard services, superyachting industry collaboration, decarbonisation initiatives, joint investments in offshore renewable projects, fabrication and construction, and port infrastructure development. Columbia Group provides world-class ship management and crew management with 20+ offices and 15,000 employees globally.
• Cyprus University of Technology / Chrysalis LEAP / Cyprus Energy AgencyminorStrategic or Co-development Partner · 18 July 2023Multimarine supported the establishment of a global maritime accelerator funded by EIT Climate-KIC. Provided grants and access to facilities and services at Port of Limassol worth €60,000 annually to support startups developing solutions for reducing carbon emissions in the maritime industry.
• Atlas Offshore Operations LtdcoreStrategic or Co-development Partner · 5 April 2023Atlas Offshore Operations, part of Multimarine Group, awarded contract for shipping agency and logistics services for the SAIPEM GASTRADE Project in Alexandroupolis, Greece. Scope includes port logistics, pipe handling, crew changes, customs clearance, and bonded warehousing for approximately 27,000 tons of subsea gas transmission pipeline.
• Bourbon (EOLMED Project)minorStrategic or Co-development Partner · 20 August 2022Multimarine awarded construction of the Floating Electrical Hub (FEH) for the EOLMED offshore wind farm project in France. The FEH harvests electrical output from floating offshore wind turbines and exports it to shore. Fabrication completed at Multimarine's Limassol facilities.
• SEANIC (Centurion Company)coreStrategic or Co-development Partner · 6 April 2021Collaboration to expand deepwater subsea support services in the East Mediterranean and North Africa regions. SEANIC provides commercial ROV operated tooling design, manufacturing, and rental services covering survey to drill support, commissioning, subsea installation, maintenance, repair, and decommissioning phases.
• VIKING Life-Saving EquipmentminorChannel Partner/ Reseller/ Distributor · 1 January 2021Cyprus Marine Inspections (CMI) Ltd operates the VIKING Liferaft Service Station (VIKING Network Workshop No 811) at Multimarine's facilities in Limassol Port, accredited by Cyprus Department of Merchant Shipping. Services include liferaft inspections, davits, lifejackets, and firefighting equipment.
• Dräger Safety EquipmentminorChannel Partner/ Reseller/ Distributor · 1 January 2021Poseidon Multimarine Services Ltd is an official representative and reseller in Cyprus of Dräger Safety Equipment along with other brands including COMET, Sealite, Daniamant, ACR Artex, and Total fire extinguishers.
• Cyprus Marine and Maritime Institute (CMMI)coreStrategic or Co-development Partner · 7 October 2020MoU signed to strengthen collaboration between Multimarine Shipyard and CMMI. Multimarine offers its shipyard infrastructure and resources to support CMMI in driving sustainable blue growth through knowledge and innovation. CMMI is an independent international scientific and business Centre of Excellence for Marine and Maritime Research established in 2019 with €30 million EU and Cyprus Government funding.
• OSC Marine Group LtdcoreStrategic or Co-development Partner · 5 October 2020Agreement (minimum 2 years) to offer complete shallow and deepwater subsea intervention services throughout the East Mediterranean and North Africa regions from the MMS marine base at Limassol Port. OSC provides commercial diving and engineering for installation, IRM, Emergency Pipeline Repair Systems (EPRS), and hyperbaric welding with offices in Cape Town, Durban, Ghana, and Mauritius.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Aker Solutions: Norwegian engineering and fabrication services provider for the offshore energy sector, including subsea structures and marine riser systems. Comparable as a broader incumbent serving the same offshore oil & gas customer base Multimarine supports.
• Saipem: Major Italian offshore EPCI contractor and a key Multimarine customer (Zohr, Qattameya projects). Comparable as a broader incumbent in Mediterranean offshore engineering — Saipem subcontracts to Multimarine but also represents the scale-up benchmark for offshore fabrication services.
• Royal IHC: Dutch shipbuilder and marine technology supplier with global reach in dredging, offshore, and defense. Comparable as a broader marine engineering incumbent providing shipbuilding and offshore fabrication solutions across the Benelux region where Multimarine operates.
• McDermott International: Global offshore EPCI contractor providing integrated solutions for subsea, offshore, and marine projects. Comparable as a broader incumbent in the same offshore fabrication and marine engineering space Multimarine serves, although at materially larger scale.
• TechnipFMC: Global subsea and offshore engineering company, listed as a key Multimarine customer for Eastern Mediterranean energy developments. Comparable as a broader incumbent in subsea structures, fabrication, and offshore project execution — same end-market and project profile.
• Damen Shipyards Group: Damen is a globally diversified shipbuilder and ship repair operator with repair yards across Europe (including the Netherlands), offering comparable dry-docking, shipbuilding, and marine services at significantly larger scale. Comparable as the closest large-scale Mediterranean-adjacent shipyard competitor.

Direct peers

• Palumbo Superyachts: Palumbo operates superyacht refit yards in Malta, Italy, and France, directly competing with Multimarine's superyacht refit business in the central Mediterranean. Both serve the same high-end yacht market with floating-dock-based refit services.
• Astilleros de Mallorca: Spanish superyacht and commercial ship repair yard in the Western Mediterranean. Provides directly comparable refit, repair, and afloat services to Multimarine, often competing for the same superyacht clients in the Med.
• Hydrex: Hydrex specializes in underwater hull cleaning, propeller polishing, and in-water surveys worldwide — overlapping directly with Multimarine's underwater hull services and afloat repairs capability for the maritime and offshore sectors.
• Lusben (Azimut Benetti Group): Lusben operates large superyacht refit and repair facilities in Italy (Viareggio and Livorno). Directly comparable to Multimarine's superyacht services at ERENEOS floating dock — both serve premium Mediterranean superyacht clients with similar haul-out capacity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/multimarine_cy
• YouTubeyoutube.com/channel/UC0zNStX-u-Tit7PxS2bSpkg
• Facebookfacebook.com/multimarine.services.ltd
• LinkedInlinkedin.com/company/multimarine-services
• Instagraminstagram.com/multimarine.services

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Multimarine Services