Servomarin Signs Strategic Relationship with Seapro; Closes Private Placement First and Second Tranches

Vancouver, British Columbia--(Newsfile Corp. - November 23, 2015) - Servomarin Industries Corp. ("Servomarin" or the "Company") is pleased to announce that wholly-owned subsidiary Servomarin Sdn. Bhd. ("SSB") has signed a Strategic Cooperation Agreement (the "SCA") with Seapro Petroleum & Marine Services S.A.E. ("Seapro").

On October 16, 2015 the companies incorporated a Malaysian corporation, whereby SSB and Seapro own 30% and 70% of the new company respectively, called Sea Professional Petroleum & Marine Services Sdn Bhd ("SPI"). SSB and Seapro have signed a long-term SCA outlining the intent of both companies to collaborate on future projects and joint investments, thereby leveraging the strengths of each company for mutual benefit.

"A twenty-first century company with global reach and a goal to become an industry leader requires a distinctive relationship in Southeast Asia. This is particularly true in our industry, given this region accounts for almost 20% of the subsea and marine inspection, maintenance and repair market ("IMR")", said Captain Tarek Farouk, Seapro's managing director. "Our partnership with Servomarin is the first step in a long-term strategic relationship that provides regional experience and business deal flow, with access to opportunities expected to create significant value for our respective shareholders."

"A strategic partnership with Seapro is an excellent fit for Servomarin, and a powerful combination as we look to expand our business from the Malaysian market to the rest of Southeast Asia. Our companies have complementary expertise and experience and share a common vision for creating long-term value for our shareholders," said Servomarin President and CEO Wayne Koshman. "We are excited to leverage our competitive strengths together, to start with at SPI, while exploring additional joint opportunities for the future."

Private Placement Update
Further to the July 16, 2015 announced private placement, the Company has closed a first tranche of $81,074 (US$65,800) representing 1,316,000 shares and a second tranche of $100,645 representing 1,677,415 shares of the up to 5,000,000 shares offered at a price of $0.06 (US$0.05) per share, for expected gross proceeds of $300,000 (US$250,000) (the "Offering"). The Offering is being made available by way of prospectus exemptions in Canada and in such other jurisdictions as the Company may agree where the shares can be issued on a private placement basis, exempt from any prospectus, registration or other similar requirements. The Company may pay a finder's fee on the Offering within the amount permitted by the policies of regulatory authorities. Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

Details of the SCA
Servomarin and Seapro recognize the significant potential that exists at SPI. Combining Servomarin's business experience and management operating success in Southeast Asia with Seapro's strong cost management capabilities will help to unlock the full value of this business relationship for the benefit of all stakeholders.

Under the new structure, SPI will appoint SSB as its manager, and SPI will appoint a joint SSB-Seapro Board of Directors consisting of two SSB nominees and three Seapro nominees. The parties will nominate the Executive Managing Director, from SSB, who will take primary responsibility for operations of SPI, and Seapro will nominate the Chief Financial Officer. It will be the responsibility of Seapro to provide all the engineering, equipment and technical personnel as required by SPI.

As part of the strategic cooperation agreement, SSB and Seapro will explore additional long-term opportunities to collaborate on projects related to subsea and marine IMR. Seapro will bring in leading diving, inspection, engineering and construction skills, and best-in-class equipment and other critical suppliers that meet world-class quality standards at competitive costs.

About Seapro Petroleum and Marine Services S.A.E ("Seapro")
Seapro is one of the pioneer diving companies in Egypt as a Middle East leader in the field of marine works to provide highly specialized technical service to the offshore oil & gas industry, civil engineering, hydrographic survey, soil investigation, Explosive Ordnance Disposal (EOD), environmental studies and inspection & videography.

Seapro provides a wide range of diving services & hydrographic survey using the most advanced equipment. Seapro is supported by experienced, qualified management and highly trained teams to provide comprehensive inspection services at considerable savings in time & cost.

About Servomarin Sdn. Bhd. ("SSB")
SSB is in the business of providing onshore and offshore oilfield services and inspection and asset integrity management (AIM) solutions, specializing in plant & pipeline integrity, advanced non-destructive testing (NDT) and quality assurance, a high-growth recession-resistant sector of the oil and gas industry. SSB's established partnerships and strategic agreements provide ready access to all technical, engineering, vessels, equipment and personnel support as and when required to service clients in the oil, gas, petrochemical, transportation and manufacturing industries in Southeast Asia. The market in Asia continues to focus on production, with increased activity in inspection, maintenance and repair (IMR) and life-of-field services. SSB is building robust relationships with licensed Petronas contractors and suppliers, with a focus on the shallow offshore and onshore IMR market.

ON BEHALF OF SERVOMARIN INDUSTRIES CORP.

(signed) "Wayne Koshman"      
Chief Executive Officer

For further information, please contact:

Servomarin Industries Corp.
Greg Patchell, Manager, Public Relations
Telephone: +1 250 860 8634

Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law. The Company will provide further updates respecting these initiatives as developments occur. There can be no assurance that interests in any or all of these or additional projects being pursued will be acquired, funded and/or commercialized.