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Maples Group Advises Petroserv Marine on US$280 Million Asset Sale

04 Jun 2024

Maples and Calder, the Maples Group's law firm, is pleased to have advised longstanding client Petroserv Marine Inc ("Petroserv") on the sale of its operating entities to financial investor consortium PS Marine Holding Ltd (the "Consortium").  The sale results in a recapitalised industry-leading Brazilian offshore drilling company backed by new shareholders, able to provide uninterrupted services to its customers.

The transaction was effected by the US$280 million sale of wholly-owned subsidiary Universal Energy Resources Inc to the Consortium. The firm provided British Virgin Islands ("BVI") counsel on the deal, which closed in May 2024.

Chris Newton, the firm's BVI office managing partner, led the BVI Corporate legal team which included Partner Ruairi Burke and Associate Chloe Harris. The team acted alongside Orrick, which provided onshore counsel.

"We are delighted to have worked with Petroserv on this sale, which involved our comprehensive support throughout the long-running process." Commented Chris Newton. "This transaction is a testament to the experience and high-quality legal advice our Corporate and Latin American practices provide when dealing with multi-jurisdictional, complex transactions within the energy sphere and Latin American region."

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Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global corporate team provides expert legal advice to corporate clients on all corporate commercial matters.  Our clients include major banks, multinationals and institutional investment firms, leading law and accountancy firms and a number of state / government entities across all industry sectors.