Medserv plc issued its Interim Directors’ Statement on 13 November announcing that the losses reported during the first half of the year have been stemmed and the Company is now trading profitably as the long awaited upturn in activity in the Company’s markets has come on line and operations to support drilling operations offshore Libya from the Maltese base have recommenced. However, the Director’s stated that it is still too early to say whether the improved climate will be sufficient to produce an overall profit for the current financial year ending 31 December 2008.
With regards to the Company’s Libyan subsidiary, Medserv Misurata FZC, the Director’s stated that it has already been awarded contracts and started operations on schedule. Despite facing competition, Medserv Misurata FZC has been awarded all the business in its geographical area and has been invited to tender for a number of additional contracts from major oil companies to commence in 2008 and thereafter. The Director’s noted that the Libyan subsidiary is expected to contribute positively to the Group’s results both in the current financial year and also in 2008.