- Cyan Renewables acquires MMA Offshore.
- Focus on expanding into offshore wind support services.
- MMA offers exposure to Asia and Australia.
Cyan Renewables, based in Singapore, is set to acquire MMA Offshore, a subsea operator. The deal is valued at $672 million and has been under negotiation since October, reports Seatrade Maritime.
Board Approval
MMA’s board has unanimously recommended the acquisition. The transaction is subject to shareholder and regulatory approvals.
Commitment to Growth
Cyan Renewables, backed by Seraya Partners, aims to retain MMA’s workforce and expand its assets and operating model.
They highlight to focus on expanding into offshore wind support services.
Shareholder Perspective
MMA Chairman Ian Macliver states the acquisition provides certainty to shareholders with a cash payment and mitigates risks associated with operating in a cyclical industry.
Strategic Fit
Cyan’s acquisition of MMA offers exposure to Asia and Australia, aligning with Cyan’s goal of becoming a leading global energy transition-focused offshore marine business.
Company Background
MMA, established in 1989, has been active in industry consolidation and international expansion through acquisitions.
Recent expansions include entering Taiwan in 2021 and growing in the subsea sector in 2022. Currently, MMA operates with 20 vessels in service.
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Source: Seatrade Maritime
