Medserv plc - Renewal of Contracts

On 1 August, Medserv plc announced that its wholly-owned subsidiary Medserv Operations Limited has successfully concluded the renewal of one of its major contracts with an international oil company operating offshore North Africa for a further two years. Medserv Operations will provide fully integrated logistics shore base services from its base in Malta. The project relates to the continuation of the Bahr Essalm offshore gas field development in the central Mediterranean.  This major natural gas field project includes the installation of subsea structures, engineering as well as extensive diving and implementation campaigns. A range of vessels will be involved, including pipe laying and diving support vessels.

In addition to the above, Medserv also stated that its 80%-owned Cypriot subsidiary Medserv (Cyprus) Limited has been granted an extension of its license to carry out port operations from Larnaca, Cyprus, for one year expiring on 31 August 2017. Medserv Cyprus continues to service ENI Cyprus from its base in Larnaca and is currently awaiting adjudication on a very competitive bid for the provision of shore base services to another international oil company. Meanwhile, the results reported last week by the Ministry of Energy of Cyprus of the expressions of interest from ENI, Total, Statoil, Exxon Mobil, Qatar Petroleum, and Cairn in a licensing round for offshore hydrocarbon blocks are being closely monitored by Medserv.