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Petroserv Marine, Inc. Announces Agreement with PS Marine Holding Ltd

Petroserv Marine, Inc. (“Petroserv”) and PS Marine Holding Ltd (the “Consortium”), an SPV formed by a consortium of financial investors, announced today that have signed an agreement under which the Consortium will acquire substantially all Petroserv’s assets via a share purchase of Petroserv’s direct subsidiary, Universal Energy Resources Inc. The transaction is expected to close in the second quarter of 2024.

The sale of Petroserv to the Consortium will result in a recapitalized industry-leading Brazilian offshore drilling company backed by new shareholders. The company will continue providing its customers with uninterrupted excellent performance by operating its fleet with its existing management team and employees.

Guilherme Coelho, Petroserv’s Chief Executive Officer, said, “We are very pleased to enter into this agreement with PS Marine Holding. With the strong support of our new shareholders, the existing Petroserv management team and I are excited to progress the Petroserv organization into its next chapter, including its Ventura platform in Brazil and Universal platform globally. I would like to thank our existing Board, lenders and other stakeholders for their support over the last several years.”

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