Mermaid Marine Australia
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.
- Company typePrivate
- Founded2022
- HeadquartersFremantle, Australia
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
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.
Mermaid Marine Australia firmographics
Firmographics- 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
Mermaid Marine Australia industry classification
Industry- 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
Where Mermaid Marine Australia is headquartered
LocationHeadquarters
- HQ city
- Fremantle
- HQ country
- Australia
- HQ region
- Oceania
Offices2 records
Markets served
Mermaid Marine Australia business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Infrastructure, Operations, Supply Chain, Technology or R&D, Marketing or Sales
Revenue model
- 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.
- 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.
- 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
Mermaid Marine Australia product offering
Product offeringCore 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
Companies that use Mermaid Marine Australia
Customer profileNamed customers2 records
Segments4 records
Ideal customer profiles2 records
Mermaid Marine Australia technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
Mermaid Marine Australia partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core, major and minor.
- Siemens GamesacoreAwarded 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 MarinecoreCyan 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 GroupmajorAcquired the Groenewind SOV (Service Operations Vessel) from DEME in July 2023, expanding Cyan's fleet capabilities in the SOV segment for offshore wind operations.
- VARDmajorShipbuilder partner for newbuild SOV vessels, including the vessel deployed for the Siemens Gamesa Hai Long wind farm contract in Taiwan.
- Strategic MarinemajorShipbuilder partner for construction of offshore wind support vessels in Cyan's fleet expansion program.
- China Merchants Heavy IndustrymajorShipyard partner for newbuild vessel construction, supporting Cyan's fleet expansion with next-generation WTIVs and FFIVs.
- VestasmajorMajor wind turbine manufacturer partner in the offshore wind industry, listed as a key partner in Cyan's ecosystem.
- EquinormajorNorwegian energy company and offshore wind developer, listed as a key partner in Cyan's ecosystem.
- DRW KWPmajorPartner 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 TaiwanmajorTaiwan-based partner supporting Cyan's operations in the Taiwanese offshore wind market, including the Hai Long wind farm project.
- Ocean InfinityminorListed as a partner in Cyan's ecosystem, Ocean Infinity is a marine robotics and data company.
- Cosco ShippingminorMajor 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
Mermaid Marine Australia competitors and assessment
Company assessmentDirect 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
Mermaid Marine Australia social profiles
Digital presenceMermaid Marine Australia financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mermaid Marine Australia leadership team
Management profileNumber of profiles
Profiles4 records
Mermaid Marine Australia subsidiaries and ownership
Company hierarchySubsidiaries2 records
Mermaid Marine Australia funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mermaid Marine Australia M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mermaid Marine Australia
What does Mermaid Marine Australia do?
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.
Is Mermaid Marine Australia a public or private company?
Mermaid Marine Australia is a private company. It is classified as private equity controlled and is currently operating.
When was Mermaid Marine Australia founded?
Mermaid Marine Australia was founded in 2022. It employs 501 to 1,000 people.
Where is Mermaid Marine Australia based?
Mermaid Marine Australia is headquartered in Fremantle, Australia, in the Oceania region.
How does Mermaid Marine Australia make money?
Three revenue lines are on record. Offshore Wind Vessel Charters are the primary driver. The others are marine and Subsea Services and emergency Response and Rescue Services.
Who are Mermaid Marine Australia's main competitors?
Direct peers on record are Van Oord, DEME Group, Vroon Offshore, Edison Chouest Offshore, Cadeler, Solstad Offshore, Maersk Supply Service and Seaway 7. Penta-Ocean Construction is listed as a regional player. Boskalis is listed as a broad incumbent.
Does Mermaid Marine Australia have an API?
No public API is recorded for Mermaid Marine Australia.
What industry is Mermaid Marine Australia in?
Mermaid Marine Australia's product category is Offshore Marine Support Services. Its primary akta.pro industry code is TLADABAL, Offshore Support & Marine Logistics Vessel Operators (PSV/AHTS), with a secondary code of EUALABAJ, Offshore Marine & Aviation Support (PSVs, AHTS, Crew Boats, Helicopters). Its NAICS code is 4883 and its SIC code is 4400.