Petrogress Inc., reaches an Understanding
with International Marine Fleet & Offshore
support provider “EDT Offshore Ltd”.
Strategic Investment in Ship-to-Ship (STS) Operations. The continuing expansion of
Petrogress’ energy operations will enhance revenue opportunities through the new venture of
the company’s new activities in midstream;
NEW YORK, NY--(February 9, 2021) - PETROGRESS, INC. (OTC PINK: PGAS) ("Petrogress" or the "Company"), a
fully integrated oil commodity business that primarily serves West Africa and the Mediterranean, today
announced that its wholly owned subsidiary, PETRONAV CARRIERS LLC. (“PCL”), has reached a Memorandum of
Understanding (MOU) with EDT OFFSHORE AGENCY SERVICES LTD. (“EDT”).
The MOU anticipates a 50/50 partnership (new entity) of PCL and EDT to provide efficient Ship-To-Ship (STS)
service operations around East Mediterranean (Greece, Cyprus and Egypt). The new entity shall be managed
equally by both partners who shall contribute with cash, their know-how in energy and sea-transportation, expert
personnel, shore facilities, floating equipment, fenders and all necessary materials required for product transfers
ship-to-ship, including tugboats and supply crafts, which are classed and fully comply with all International and
local regulations for marine and environmental protection.
EDT Offshore, a world class offshore maritime company that provides Ship-to-Ship transfer and leading service
provider in oil and gas exploration and production company that operates a fleet of specialized support vessels
from its main facilities in Cyprus and Egypt. The EDT Offshore story began over forty years ago in 1980 in
Limassol, Cyprus. The company, soon became a specialist in management and operation of towage and salvage
vessels. With growing expertise, EDT entered the nascent Eastern Mediterranean’s offshore Oil & Gas sector,
developing strong working relationships with oil majors around the world, providing high equipped vessels and
skilled crew for effective oil rig support, survey, dive and ROV operations.
Petronav Carriers is a wholly-owned subsidiary of Petrogress Inc., which manages an in-house fleet of crude oil
carriers and trades them in West Africa and the Mediterranean. Petronav’ s leadership team, holds substantial
combined shipping industry experience in managing financial, commercial and technical aspects of the business
and ensures leading the company on a foundation of safe, cost-and energy-efficient and environmentally-friendly
practices. The company values its team, which consists of skilled and experienced managers, port captains,
technicians, ship officers, as well as specialists in the areas of safety, commercial and personnel management.
Petronav retains key talent, rewards performance and continually develops its staff and holds it to high
performance standards. Through qualified experience in conducting safe operations, understanding of
environmental challenges, and strong leadership and coordination, Petronav‘s shuttle fleet provides Ship-to-Ship
(STS) services and/or lighting other product carriers in the area where Petronav is active.
“We are excited with our new partnership and the expansion of our activities which is an excellent opportunity for
Petrogress to expand its operations into new areas. Bringing new business opportunities, our mission is to
establish Petrogress as a strong integrated oil energy company. Our companies’ combined facilities, assets and
services, are not only expected to provide for enhanced revenue streams, but also make us stronger in the
energy industry and ensure our future in the International market” states Petrogress’ Chief Executive Officer,
Christos Traios.
About Petrogress Inc
Petrogress Inc. (Delaware), is an integrated energy company, engaged in the upstream, downstream and
midstream segments. The Upstream segment consists of exploration and production of crude oil in West Africa,
associated with processing and storage. The downstream segment comprises of refining of crude oil into
petroleum products as well as marketing of crude oil and refined products of Gas Oil, Naphtha, Fuels and
lubricants. The company operates Internationally through its wholly owned subsidiaries "Petrogress Int'l LLC."
and "Petronav Carriers LLC.". Petrogress is involved in diversified oil and gas activities throughout the U.S.,
Europe and Africa and has branches and representations in Greece, Cyprus, Monaco, Egypt, Ghana and
Nigeria. The Company is actively seeking expansion opportunities in oil reserves and exploration in West Africa,
including operating and developing natural gas production and transmission facilities along with LPG processing.
Petrogress -as independent Maritime Company- also owns and operates a fleet of tankers from its base in the
historic Port of Piraeus through a series of Marshall Islands entities and provides sea-transportation services by
its tankers fleet. Since last year, the company entered into the retailing market by leasing a number of Gas-
fueling stations in Greece.
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 bases in Cyprus and Egypt, by providing services to world majors oil energy companies as Total,
ExxonMobil, Noble energy. Is a world leading service provider in oil and gas exploration and production
companies worldwide and provides high quality Ship-to-Ship service around East and central Mediterranean.
For more information, visit www.edtoffshore.com
Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the Private
Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and
beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements. Such risks and uncertainties include, without
limitation, the strength of world economies and currencies, general market conditions, including fluctuations in
charter rates and vessel values, changes in demand for tanker shipping capacity, changes in our operating
expenses, including oil prices, dry-docking and insurance costs, the market for our vessels, availability of
financing and refinancing, charter counterparty performance, ability to obtain financing and comply with
covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future litigation, general domestic and international
political conditions, potential disruption of shipping routes due to accidents or political events, vessels
breakdowns and instances of off-hires and other factors. Petrogress does not undertake an obligation to update
or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on
Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission (the
"SEC") on April 19, 2016 and future periodic reports filed with the SEC on or after the date hereof. All of
Petrogress' forward-looking statements are expressly qualified by all such risk factors and other cautionary
statements. The information set forth herein speaks only as of the date hereof.
Company Contact:
Piraeus
e.vassi@petrogressinc.com
+30 (210) 459 9741
www.petrogressinc.com
