2 minute read | May.22.2024
Orrick advised Petroserv Marine Inc. (Petroserv) in the sale of its operating entities to a financial buyer, Ventura Offshore Holding Ltd. (Ventura), for more than $280 million.
The transaction was implemented by way of a share purchase of Petroserv’s wholly owned subsidiary, Universal Energy Resources Inc. (Universal), and involved a preclosing spinoff to Petroserv of certain dormant subsidiaries of Universal. The transaction was consummated on May 8, 2024. Petroserv and its remaining dormant entities will be wound down in due course.
Founded in 1972, the Petroserv Group was a leading Brazilian owner, operator, and manager of offshore drilling rigs. The transaction was capitalized by way of a private placement by Ventura of 85 million shares at $2 per share (raising gross proceeds of $170 million) and the proceeds of an issuance of $130 million of secured bonds.
Ventura's shares are expected to start trading on Euronext Growth Oslo in late May or early June 2024.
This transaction resulted in a revived and freshly capitalized company backed by new investors. Petroserv’s existing management team and employees have agreed to continue to operate the company for Ventura, thereby ensuring the continuation of the company’s exceptional performance record.
Orrick's advisory team for Petroserv Marine Inc. was led by Evan Hollander and included partners Katie Cotton, Spencer Cohen, Jonathan Rosen, and Scott Morrison, along with associates Alexander Tocili, Nick Sabatino, Shaun Malone, Yuan Tian, Max Hyatt, Jamie Baroff, and James Edwards.
Petroserv Marine announcement
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