On 23 January 2018, Medserv plc announced that it has secured business in a market that the industry considers it to be the big new energy source on Europe’s doorstep. The new business awarded to Medserv is in the form of a three-year contract with the option of further extensions for the provision of integrated logistics support services for the production phase of offshore operations being conducted by an International Oil Company. The new contract was been awarded through a competitive tender process and is effective as from 1 January 2018. The initial value of the contract is estimated to be over €10 million with prospects for further growth.
Due to commercial considerations, the International Oil Company and Medserv have agreed not to disclose more details at this stage, as discussions are still ongoing with third parties that could affect the expansion process of the project.