On 11 November, Medserv plc issued its Interim Directors’ Statement explaining that due to postponement of offshore work caused by political and economic factors as well as the Gulf of Mexico incident, the Group experienced a lean ten months. As a direct effect, the Medserv Group registered subdued financial results for the first three quarters of 2010 in both the Malta and Libya bases.
Nonetheless, the Directors claim that this work is simply postponed and is expected to commence in 2011. In fact, Medserv’s order book has increased substantially in the last two months of the current year.
The Directors also commented that the Group is committed to increase its market share in the Mediterranean region. As such, Medserv has set up an Italian joint venture to pursue opportunities in the Italian market (read MoU with T.E.A. Shipping for further details) and is currently in discussions with potential partners with respect to further expansion and diversification of its business in the North African region.