Medserv plc - Quote

Medserv plc - Profile

Medserv plc is a holding company owning 99.9% of the issued share capital of Medserv Operations Ltd. Medserv plc (formerly AD Holdings Ltd.) was first established on 26 October 2001 whilst Medserv Operations Ltd. (previously called Medserv Ltd.) was set up on 11 December 1974 as a joint venture between the Government of Malta and the Albert Abela Group.

In May 1997, Albert Abela (Gulf) Inc. acquired the Government’s 65% shareholding. AD Holdings Ltd. acquired 49% of Medserv Ltd. in December 2001 and the remaining 51% in November 2003.

The principal activities of the Medserv Group, through the operating company Medserv Operations Ltd., consist of providing services and support to the offshore Oil and Gas Industry operating mainly in the Mediterranean basin with a focus on the industry’s activities in North Africa. The Group’s niche market is mainly offshore activity and support to rigs and production platforms operating offshore in the Mediterranean region.

The Medserv Group has traditionally been and remains in a unique position to provide its services to the Oil and Gas Industry in the Mediterranean basin, principally for the following reasons:

• The Group has an exclusive right of use for a term up to 29 May 2045 of quays at the Malta Freeport, one of which is a deep-water quay with a length of 200 metres.

• The quay is supplemented by having an area of 5,000 sq. metres of quay space which enables operations to take place on the area directly by the quay in addition to the normal process of loading and unloading.

• Well-developed laydown facilities extending to 50,000 sq. metres in a modern port located within the confines of the Malta Freeport and a customs free zone enable the Group to offer a fast and efficient turnaround operation to its customers.

• A 24-hour 7-day week service is offered by the Group, a facility not offered by other similar companies in the region.

• The geographical location of Malta at the centre of the Mediterranean basin allows shorter sailing times to a number of destinations in the region, and the proximity of an international airport adds to this advantage.

• The experience of the Group gained over 32 years of trading and servicing the Oil and Gas Industry enables it to better understand the demands of this industry.

Between 2003 and 2005, the two major companies directing business to the Group from Libya have been ENI Oil (formerly known as AGIP Oil) and ENI Gas. The Group’s relationship with ENI Oil goes back to 1976 and with ENI Gas from its inception in 2002. These two companies have been responsible for almost all the exploration and production activity offshore Libya in recent years. As a consequence, these relationships have been extremely important with the income streams from these sources accounting for 14% of turnover in 2003, 24% in 2004 and 20% in 2005. By far, the major part of the Group’s turnover has been derived from international contractors all of whom are based outside Libya and which carry out contracting and sub-contracting work for ENI Oil and for ENI Gas within the overall frame of entire particular projects. In the future, it is expected that this business model will be replicated with a number of major oil companies that have been or that will be awarded oil exploration concessions in the region.

In January 2007, Medserv plc announced that it had entered into a Memorandum of Understanding (MoU) with Misurata Free Zone (MFZ), a Libyan authority involved in the ownership and operation of the Misurata Free Trade Zone. The latter is an area of 235 hectares with an extension area of 3000 hectares free of all taxes, customs duties and trade and monetary restrictions. The principal terms of the MoU stipulate that:

• Medserv plc and MFZ shall incorporate a joint stock company to be called Medserv Misurata Free Zone Company (MMFZC) to operate a logistic and supply base at the Misurata Free Zone Port and in the Misurata Free Zone for the purpose of serving the oil and gas industry both offshore and onshore Libya

• Medserv shall hold the majority of the issued share capital and shall have control of MMFZC

• MFZ shall, subject to a cost and for a duration of thirty years, provide MMFZC with certain facilities and services including a quay, warehouse and storage area.

In February 2007, in conjunction with the above mentioned MoU, Medserv signed an agreement with MFZ by which Medserv plc shall, subject to a cost and also for a term of thirty years, provide MMFZC with management services including the overall management of MMFZC’s affairs, the upholding of best industry practices, technical and software assistance and marketing.

The Directors of Medserv plc are Anthony S. Diacono (Executive), Anthony J. Duncan (Executive), Johannes Jacobus van Leeuwen (Non-Executive) and Joseph F.X. Zahra (Non-Executive).

Share Capital

On 23 October 2006, 10,000,000 ordinary Medserv shares of a nominal value of €0.232937 each were admitted to the Malta Stock Exchange following an IPO in which MOH Ltd and Maltampaya Investments Ltd offered 2,500,000 shares at a price of €3.03 per share.

On 24 October 2007, MOH Limited transferred all its 3,750,000 shares, representing a 37.5% stake in the company, to Mr Anthony Diacono. This event resulted in no substantive change in the chain of controlled undertakings, since Mr Anthony Diacono was the sole shareholder of MOH Limited.

Medserv plc - Financials

Medserv plc Interim Accounts

Medserv plc Final Accounts

News for Medserv plc

Medserv plc - Downloads

• Medserv plc - 2009 Annual Report (2.8 MiB, 83 hits)
• Medserv plc - Presentation April 2010 (192.6 KiB, 151 hits)
• Medserv plc - Initial Public Offering Document September 2006 (633.2 KiB, 87 hits)
• Medserv plc - Presentation September 2006 (933.1 KiB, 130 hits)