Medserv plc - Medserv (Cyprus) Ltd

Thursday, February 11th, 2016

On 11 February, Medserv plc announced that its subsidiary company Medserv (Cyprus) Ltd, in which it has an 80% equity stake, was not successful in getting the necessary approval put forward by two International Oil Companies (IOCs) to extend the operating licence granted to Medserv (Cyprus) Ltd to operate out of the Larnaca Port, in support of the IOC’s respective offshore exploration activity.

Whilst this will delay the start of new operations offshore Cyprus, Medserv will continue to service its clients out of Larnaca as per its current licence, which expires in August 2016.

Meanwhile, the operations of Medserv (Cyprus) Ltd will be transferred to Limassol Port.

Moreover, discussions on the matter are still ongoing between all interested parties (Medserv, the IOC’s and the Cypriot authorities) to ensure that this development shall not hinder both the prospects of the IOC’s as well as the development of the Oil and Gas Industry in Cyprus, as well as the operation of Medserv (Cyprus) Ltd.

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