As a co-investor in the Seraya Partners-led deal, KWAP said its investment aligns with the Madani economic framework, advancing sustainability, prosperity, and innovation.

KWAP CIO Hazman Hilmi Sallahuddin said the investment in Cyan exemplifies KWAP’s commitment to achieving RM20 billion in transition asset investments by 2030, furthering the Madani economy and sustainability objectives.

“Cyan also supports the transition of legacy to clean energy by providing essential, high-value services that ‘Raises the Ceiling’ and develops skilled professionals locally, which ‘Raises the Floor’.

“This initiative is also part of KWAP’s commitment under the GEAR-uP programme, led by the finance ministry in synergising efforts across GLICs to catalyse growth in key economic sectors including infrastructure, transport, and renewable energy, amongst others,” he said in a statement.

KWAP said it recognises Cyan as Asia’s leading vessel operator, distinguished by its fleet size and expertise, with over 1,000 operational wind days in offshore wind projects.

“The Singapore-based company operates 32 offshore support vessels, serving blue-chip clients across traditional energy and offshore wind sectors, with a growing focus on the latter.

“Cyan, already generating substantial revenue from Malaysia, intends to invest up to RM1 billion with KWAP to develop the offshore support vessel industry further,” KWAP said.

It said the plans include establishing a Southeast Asia headquarters in Malaysia and building fleet management teams in Kuala Lumpur and Miri.

This also included plans to hire local seafaring professionals, sponsor cadet training, and utilise local shipyards for vessel repairs and new builds to support the growth of Malaysia’s vessel industry.