On 20 September, Medserv plc announced that it entered into a Memorandum of Understanding (MoU), subject to contract and satisfactory documentation, with T.E.A. Shipping. The latter is an Italian company which provides services to oil exploration companies and oil rigs.
The MoU, effective from 1 September 2010, forms the basis upon which Medserv plc and T.E.A. Shipping shall establish a joint venture to procure further business in the oil and gas industry within the Italian jurisdiction.