Partnership with EDT Offshore expands operations in Limassol, generating enhanced revenue opportunity and strengthening international foothold
NEW YORK, Dec. 19, 2017 (GLOBE NEWSWIRE) -- Petrogress, Inc. (OTC:PGAS) today announces that its Petrogress Int’l, LLC (“PIL”) subsidiary has entered into a Memorandum of Understanding (“MOU”) with EDT Agency Services, Ltd. (“EDT Offshore”) to combine the companies’ operations at the Port of Limassol and additional port facilities in Cyprus. The MOU covers shorebase and offshore support services from the Port of Limassol, as well as future developments at Vassiliko Energy Port, where the Cyprus Port Authority has announced plans for a US$300 million industrial and energy harbor. The joint operations will be conducted under PIL’s PG Cypyard & Offshore Terminal Services Ltd. (“PGC”).
EDT Offshore provides services to oil and gas exploration and production companies worldwide, and operates its fleet of specialized support vessels from facilities in Cyprus and Egypt. In 2013, EDT Offshore established facilities at Limassol to support Houston, Texas-based Noble Energy, Inc.’s Aphrodite and Leviathan Field operations in the Cyprus Exclusive Economic Zone. EDT Offshore’s Limassol operations include a mud plant, heliport services and shorebase support for vessels conducting survey, diving, salvage and ROV operations in the Cyprus EEZ and Eastern Mediterranean.
Earlier this year, Noble Energy announced initial Leviathan Field production targets for late 2017, and revised estimates of recoverable natural gas resources to 22 trillion cubic feet, noting that its efforts will provide energy security for Israel and elsewhere, and speed up the conversion of coal-fired power plants across Europe. EDT Offshore and PIL expects to support development activities by Noble Energy and others from Limassol and Vassiliko through at least 2040.
The MOU anticipates a 50/50 partnership of EDT Offshore and PIL in PGC, and combining the companies’ quay, dry dock, lift and workshop facilities at Limassol to provide support services for supply vessels and offshore exploration and production platforms. The parties will focus on serving the service needs of much larger customers from these facilities, and expect that the combination will demonstrate the parties’ operational capabilities as the Cyprus Port Authority selects key service providers for the Vassiliko Energy Port build-out. Vassiliko is the first gas & oil storage and transfer terminal of its kind in the Eastern Mediterranean, and is strategically positioned on Cyprus’ southeastern coast, connecting Europe and the Black Sea with the Middle East and Asia. Current construction will expand oil & gas storage by 50%, to over 5.3 million barrels of oil, and PGC will seek lead service provider status at the new port.
“Our joint venture with EDT Offshore greatly expands the scope of PGC’s Port of Limassol operations. Joining our port facilities will allow us to serve the E&P needs of major international oil companies in the Cyprus EEZ. Our companies’ combined port operations and services business not only provide for enhanced revenue streams, but also ensure our future in this important international market, both in Limassol and Vassiliko,” stated Petrogress CEO Christos P. Traios. “EDT’s experience dealing with major international operators in large-scale, new field offshore oil and gas development positions us for future projects in Africa and elsewhere.”
About Petrogress, Inc.
Petrogress, Inc. owns and operates a fleet of tankers from its base in the historic Port of Piraeus through a series of Marshall Islands subsidiaries. Its principal and CEO, Christos P. Traios, has over 30 years of experience in operating and managing shipping operations from Greece. Currently, the Company’s ships trade off the coast of West Africa, transporting crude oil, distillates and refined products. The Company also operates service and shipping facilities at the Port of Limassol in Cyprus and the Port of Tema, Greater Accra, in Ghana. It is actively seeking expansion opportunities, including in operating and developing natural gas production and transmission facilities along with LNG processing in the U.S., refinery operations in north and West Africa, and the transport and sales of LNG in Europe. For more information, visit www.PetrogressInc.com
About EDT Offshore
EDT Offshore is a supplier of high specification offshore support vessels to the Oil and Gas industry worldwide, and operates base facilities in Cyprus and Egypt. Its fleet of vessels support survey, diving and ROV operations and have assisted in military and civilian aircraft wreckage recoveries. EDT Offshore began operations in Limassol, Cyprus in 1980, as ship managers and operators, and opened the EDT Offshore Base in 2013. In Limassol, EDT provides services to the local oil and gas industry, including shorebase facilities, a dedicated quay, a heliport and ships agency services. It expanded operations to the Port of Alexandria, Egypt in 2009, where it manages charter operations for support vessels as a Free Zone Company. For more information, visit www.EDTOffShore.com
Safe Harbor Statement
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, trends, analysis, and other information contained in this press release including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," and other similar expressions of opinion, constitute forward-looking statements. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
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Source: Petrogress, Inc.
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