On 17 November Medserv issued its Interim Directors’ Statement explaining that the increased turnover and profitability registered during the first half of 2009 was maintained during the third quarter of this financial year and this positive trend is expected to continue.
During the first six months of 2009 the Medserv Group reported a 38.2% rise in turnover to €8.2 million and a pre-tax profit of €1.5 million. This was the result of substantial services provided by the Group’s bases in Malta and Libya. These services consisted of support services to rig and production platforms, specialized vessels and most importantly the operational support given to oil companies in their offshore exploration drilling campaign in the Mediterranean.
In the Interim Statement, Medserv’s Directors stated that the Group is still pursuing its assessment of the market for services offshore Egypt through the Memorandum of Understanding which was entered into with Tradewinds Petrotrade of Texas USA. Medserv explained that it has reached an advanced stage of its assessment both from an operational and commercial perspective of the viability of servicing offshore Egypt and is attempting to complete this assessment shortly.
Moreover Medserv stated that after reviewing the forecasted oil exploration activity in other Mediterranean rim-countries committed to boost oil output during the next few years, Medserv continues to review the environment for other potential locations in the Mediterranean.
The Directors concluded by announcing that, in order to restructure the Group into a more organized manner, on 16 November the Company transferred its 60% shareholding in Medserv Misurata FZC to Medserv International plc (a 100% owned subsidiary of Medserv plc). Following this transfer Medserv Misurata FZC became a direct subsidiary of Medserv International plc.