Medserv plc - Award of a Major Contract

Tuesday, November 20th, 2018

On 20 November 2018, Medserv plc announced that it has been awarded a new shore base contract valued at USD30.6 million (equivalent to €26.8 million) in a new geographical market. The contract is for a period of fifteen months commencing 1 January 2019 and was awarded to Medserv following an international tendering process where the key factor was a strong and experienced project management personnel that can support the drilling operations of “Staatsolie Maatschappij Suriname N.V” (“Staatsolie”). The latter is the national oil company of the Republic of Suriname.

Medserv explained that this is an important milestone for the company’s development as it contributes towards the further diversification of Medserv’s client base and geographic reach. Through this new contract, Medserv will be providing integrated logistics support services (“ILSS”) to support the nearshore drilling campaign of Staatsolie together with shore base business partner Kuldipsingh Port Facility N.V. and marine services provider Trinity Lift Boat Services Ltd. The contract relates to an emerging region adjacent to the recent ExxonMobil discoveries in offshore Guyana, potentially providing further opportunities in the region for Medserv.

Medserv also noted that this new contract will be serviced through the company’s own internal resources and will not require any major capital expenditure. Moreover, this new contract, together with already contracted business, further underpins the projected revenue growth forecast of the company for years 2019 to 2020.

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