Medserv plc published its Interim Statement on 18 May covering the highlights during the first quarter of 2012. The company stated that Q1 was characterised by a continuing absence of oil exploration activities offshore Libya. Medserv explained that this could be due to the fact that foreign companies are awaiting the results of the elections in Libya planned for June.
Nevertheless, Medserv indicated that it is experiencing a continuation of the enquiries received in the last quarter of 2011 relating to planned exploration and production operations. Medserv announced that the Malta base is continuing to receive equipment shipped from Libya and the company has been appointed by a major multinational service provider to act as a hub to service its requirements in the entire Mediterranean region from the Malta base.
In Misurata, Medserv confirmed that there is currently no activity except that customers are continuing to renew their contracts relating to storage of equipment which helps the Libyan subsidiary generate revenue and avoid a loss-making situation.
Medserv also provided an update on their planned expansion into Cyprus and Sicily. In Cyprus, a final agreement was reached with the authorities with regard to the location and the warehousing area for the proposed base. The final lease agreement is expected to be signed within the next two weeks. Meanwhile, Medserv is still awaiting a lifting of the environmental restrictions which presently prohibit drilling offshore Sicily.