MedservRegis plc - New Contract in Abu Dhabi

On 14 October 2020, Medserv plc announced that it has been awarded a key, long term contract by Tenaris Global Services S.A. for the supply of tubular handling, equipment, yard and inspection services for Oil Country Tubular Goods (“OCTG”) in Abu Dhabi, United Arab Emirates (“UAE”). The contract is for an initial period of three years commencing on 1 October 2020, with opportunity to extend the term by two additional periods of one year each.

Medserv’s OCTG subsidiary – Middle East Tubular Services Ltd (“METS”) – will be providing its core services from within a new Tenaris Global Services facility in Abu Dhabi Industrial City, forming an integral part of the supply chain for the provision of OCTG Vendor Managed Inventory (VMI) services to Abu Dhabi National Oil Company (“ADNOC”) which is the state-owned oil company of the UAE.

Medserv noted that this is a significant achievement both in terms of further market penetration as well as for the constant earnings the contract is expected to generate. Notwithstanding the prevailing unfavourable market conditions, Medserv added that it remains resilient and awaits adjudication of other tenders for the provision of core services in existing and new regions.