Medserv reports financial turnaround

Oil industry services company Medserv today reported a turnaround of its financial performance, with a pre-tax profit of €684,166 in the first six months of this year, compared to a loss of €529,750 in the same period last year. Turnover for the six...

Oil industry services company Medserv today reported a turnaround of its financial performance, with a pre-tax profit of €684,166 in the first six months of this year, compared to a loss of €529,750 in the same period last year.

Turnover for the six months rose to €5,909,840 from €1,226,986 in the first half of last year.

The group attributed the turnaround to the start of long-awaited activity in the Mediterranean region. During the period the group provided services from Malta to operators in Libya, Egypt, Tunisia and Congo.

Since last June, the base in Malta has also been providing services to an oil rig in preparation for a programme of offshore drilling in Libya due to start next month. The rig will be joined by another two next year and the group is confident it will be providing logistical services to them as well.

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