Mermaid Marine Australia

What Mermaid Marine Australia does

Mermaid Marine Australia, now operating as Cyan Renewables, is a marine logistics and offshore vessel services company serving the global offshore wind and energy transition sectors. The company provides end-to-end marine and subsea services across the offshore wind value chain, including Geosolutions (environmental, geotechnical, and geophysical surveys), Installation and Construction (turbine and foundation installation), Operations and Maintenance, Environmental and Blue Economy services, and Decommissioning. Its operational fleet comprises six vessel categories: Walk-to-Work/Construction Support Vessels, Multi-Purpose Support Vessels, Service Operations Vessels (SOVs) with proprietary SWATH (Small Waterplane Area Twin Hull) design, Platform Supply Vessels, Emergency Response Rescue Vessels (ERRVs), and Anchor Handling Tug Supply Vessels.

The business operates a fleet of 33+ offshore support vessels acquired through inorganic growth, including 20 vessels from the April 2024 acquisition of MMA Offshore (Mermaid Marine Australia) for $0.7 billion, 13 vessels from the July 2023 acquisition of a 75% stake in UK-based Sentinel Marine, and the Groenewind SOV from DEME. Cyan Renewables is backed by private equity firm Seraya Partners, which established the company in September 2022 with a team of maritime industry veterans. Revenue is generated through direct B2B enterprise charter contracts with offshore wind developers and operators, with contract durations extending up to 15 years, as exemplified by the Siemens Gamesa SOV contract for the Hai Long wind farm in Taiwan. The company serves offshore wind developers and operators, the transitional energy sector, government and defence agencies, and coastal/port infrastructure markets across Australia, the UK, Taiwan, and South Korea.

Name

Mermaid Marine Australia

Legal name

Cyan Renewables

Website

https://mmaoffshore.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Mermaid Marine Australia (now Cyan Renewables) provides marine logistics and offshore vessel services for the global offshore wind industry, operating a fleet of 33+ specialized support vessels across Australia, UK, Taiwan, and South Korea, backed by Seraya Partners.

Ownership category

akta.pro rank

Product category

Offshore Marine Support Services

NAICS

Support Activities for Water Transportation (4883), Port and Harbor Operations (488310)

SIC

Water Transportation (4400)

akta.pro primary industry

Offshore Support & Marine Logistics Vessel Operators (PSV/AHTS) (TLADABAL)

akta.pro secondary industry

Offshore Marine & Aviation Support (PSVs, AHTS, Crew Boats, Helicopters) (EUALABAJ)

Keywords

• Offshore marine logistics
• Vessel charter services
• Supply base operations
• Offshore support vessels
• Subsea services

Headquarters

HQ city

Fremantle

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Offshore Wind Vessel Charters: Long-term vessel charters and contracts for offshore wind operations including SOVs, CTVs, WTIVs, and installation vessels. Revenue generated through multi-year charter agreements with major wind developers and operators.
2. Marine and Subsea Services: Geosolutions (environmental, geotechnical and geophysical survey vessels), installation and construction services, operations and maintenance, and decommissioning services for offshore energy projects.
3. Emergency Response and Rescue Services: ERRV services for fishery inspections, environmental emergency response, and safety support in marine environments.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Mermaid Marine Australia (formerly MMA Offshore) provides marine logistics and supply base services to the offshore oil and gas industry, operating a diversified fleet of offshore support vessels (OSVs) including platform supply vessels, anchor handling tug supply vessels, walk-to-work vessels, multi-purpose support vessels, service operations vessels, and emergency response rescue vessels. Following its 2024 acquisition by Cyan Renewables, the entity's service portfolio expanded to include geosolutions, installation and construction, operations and maintenance, environmental and blue economy services, and decommissioning for the global offshore wind and energy transition markets.

Product overview

Cyan Renewables is a single unified maritime services platform offering end-to-end support for offshore wind farm development and operations. The portfolio includes six vessel categories: Walk-to-Work/Construction Support Vessels for personnel transfer and construction support; Multi-Purpose Support Vessels for versatile offshore operations; Service Operations Vessels (SOVs) for long-term wind farm maintenance; Platform Supply Vessels for cargo logistics; Emergency Response Rescue Vessels (ERRVs) for safety and environmental protection; and Anchor Handling Tug Supply Vessels for mooring operations. Core service offerings span Geosolutions (environmental, geotechnical and geophysical surveys), Installation & Construction (turbine and foundation installation vessels including WTIVs and FFIVs), Operations & Maintenance (O&M), Environmental & Blue Economy services, and Decommissioning. The company serves offshore wind, transitional energy, government & defence, and coasts/ports/reefs markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Marine Logistics and Supply Base Services
• Geosolutions
• Installation and Construction
• Operations and Maintenance (O&M)
• Environmental and Blue Economy Services
• Decommissioning Services Decommissioning services ensuring regulatory and environmental adherence, including restoration of the marine environment and integrated reef solutions for offshore oil and gas and energy transition projects.
• Service Operations Vessel (SOV) Charter Contracts Long-term charter of Service Operations Vessels, including SWATH-designed SOVs, to support offshore wind farm maintenance operations; exemplified by the 15-year SOV contract with Siemens Gamesa for the Hai Long wind farm in Taiwan.

Quantifiable outcome

• 15-year SOV contract secured with Siemens Gamesa for Hai Long wind farm

Named customers2 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Twelve partnerships are on record, tiered core, major and minor.

• Siemens GamesacoreStrategic or Co-development Partner · 1 February 2024Awarded Cyan Renewables a landmark 15-year SOV contract to support the Hai Long offshore wind farm in Taiwan. This represents the first SOV contract in Asia awarded by Siemens Gamesa. VARD Newbuild vessel to be deployed.
• Sentinel MarinecoreStrategic or Co-development PartnerCyan acquired 75% of UK-based Sentinel Marine in July 2023, expanding into the UK offshore wind market. Sentinel Marine operates 13 Offshore Support Vessels (OSVs) serving the UK offshore wind sector.
• DEME GroupmajorStrategic or Co-development PartnerAcquired the Groenewind SOV (Service Operations Vessel) from DEME in July 2023, expanding Cyan's fleet capabilities in the SOV segment for offshore wind operations.
• VARDmajorStrategic or Co-development PartnerShipbuilder partner for newbuild SOV vessels, including the vessel deployed for the Siemens Gamesa Hai Long wind farm contract in Taiwan.
• Strategic MarinemajorTechnology or IntegrationShipbuilder partner for construction of offshore wind support vessels in Cyan's fleet expansion program.
• China Merchants Heavy IndustrymajorTechnology or IntegrationShipyard partner for newbuild vessel construction, supporting Cyan's fleet expansion with next-generation WTIVs and FFIVs.
• VestasmajorStrategic or Co-development PartnerMajor wind turbine manufacturer partner in the offshore wind industry, listed as a key partner in Cyan's ecosystem.
• EquinormajorStrategic or Co-development PartnerNorwegian energy company and offshore wind developer, listed as a key partner in Cyan's ecosystem.
• DRW KWPmajorStrategic or Co-development PartnerPartner in Korea Western Power (KWP) offshore wind project, representing Cyan's expansion into South Korean offshore wind market following office establishment in February 2024.
• TRE TaiwanmajorStrategic or Co-development PartnerTaiwan-based partner supporting Cyan's operations in the Taiwanese offshore wind market, including the Hai Long wind farm project.
• Ocean InfinityminorStrategic or Co-development PartnerListed as a partner in Cyan's ecosystem, Ocean Infinity is a marine robotics and data company.
• Cosco ShippingminorStrategic or Co-development PartnerMajor Chinese shipping company listed as a partner in Cyan's ecosystem for potential shipping and logistics collaboration.

Scale indicators6 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Van Oord: Dutch marine contractor with a dedicated offshore wind division operating cable-lay, WTIV and foundation installation vessels. Van Oord competes with Cyan for installation and O&M vessel contracts on offshore wind farms across Europe and Asia.
• DEME Group: Belgian marine contractor operating offshore wind installation vessels, foundation installers, and a range of offshore support vessels. DEME competes head-to-head with Cyan on turbine/foundation installation and offshore wind support services, and was a counterparty in Cyan's 2023 Groenewind SOV acquisition.
• Vroon Offshore: Dutch offshore vessel operator running AHTS, PSVs and increasingly offshore wind support vessels. Vroon competes with Cyan for offshore support vessel contracts, particularly in the European and Asia-Pacific offshore wind markets.
• Edison Chouest Offshore: US-based offshore vessel operator with a global fleet of OSVs, including vessels serving the offshore wind sector. Edison Chouest is a direct peer in OSV operations, with comparable services to Cyan's platform supply and offshore support offerings.
• Cadeler: Danish-headquartered owner and operator of wind turbine installation vessels (WTIVs) and foundation installation vessels, formed from the merger of Swire Pacific Offshore Operations and Eneti. Cadeler directly competes with Cyan's WTIV and heavy-lift installation capabilities for offshore wind installation contracts globally.
• Solstad Offshore: Norwegian offshore vessel owner and operator with AHTS and PSV fleets serving both oil & gas and offshore wind customers. Solstad is a direct peer in the offshore support vessel market with a comparable vessel mix to Cyan.
• Maersk Supply Service: Danish offshore vessel operator providing anchor handling, platform supply, and offshore wind support vessels. Maersk Supply Service is a direct peer to Cyan in the offshore support vessel (OSV) segment and competes for similar long-term charter contracts.
• Seaway 7: Subsea 7's offshore wind business operating heavy-lift, cable-lay and foundation installation vessels for offshore wind projects. Seaway 7 is a direct competitor to Cyan in the installation and construction segment of offshore wind.

Regional players

• Penta-Ocean Construction: Japanese marine and civil construction contractor with offshore wind installation experience primarily in the Japanese market. Penta-Ocean is a regional peer overlapping with Cyan's Asia-Pacific offshore wind focus, particularly in installation and construction.

Broad incumbents

• Boskalis: Large Dutch maritime services group with offshore wind, dredging and heavy-lift capabilities, including vessel operations comparable to Cyan's. Boskalis is a broader incumbent across multiple marine segments, with offshore wind as one of several focus areas.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/mma-offshore-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 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 Mermaid Marine Australia