MedservRegis plc - Awarded contracts by two IOCs

On 24 March, Medserv plc announced that its wholly-owned subsidiary, Medserv Operations Limited, has been awarded two competitive contracts by two separate international oil companies operating offshore North Africa. The two contracts were signed during the first quarter of 2014 and both are for a period of 2 years with the option of extending for another two years. The contracts relate to the provision of fully integrated logistic support services from Medserv’s base in Malta to multi-well programs spread over the period covered by the agreements. Work is expected to start in the latter part of 2014.

In a press release, Medserv’s Chief Operations Officer Godwin Borg explained that these contracts reaffirm the Group’s belief that North Africa still has a major role to play in the oil and gas industry. Furthermore, Mr Borg noted that the base in Malta is currently fully utilised and as a result Medserv has recently also taken up an additional 30,000 square metres of land in Hal Far (in close proximity to the Malta base) in order to cater for additional demand. In conclusion, Mr Borg noted that some material has already been transported to this new facility in anticipation of commencement of works in connection with these new contracts.