Situation in Libya has overall positive effect on Medserv operations
Company continuing with efforts to develop new markets
The situation in Libya has had an overall positive effect on the financial results of Medserv for the first quarter of the year, the company said in its interim statement issued today.
The group said that, during this period, it experienced an upturn in activity out of its base in Malta, the direct result of extraordinary activity due to the current situation in Libya.
Medserv provided the necessary support and services required to help clients evacuate their people from offshore platforms in Libya as well as transporting and storing equipment. The activity led to an overall profit for the group.
The company said that current indications were that the group would end the first two quarters of the year in profit but the continuing uncertainty in the group's main market of Libya made it extremely difficult to formulate any reliable forecast for the second half of the year.
Despite the positive results expected in the first two quarters, Medserv took various steps to reduce operating costs. These actions were designed to enable the company to retain its financial stability and its capability to respond, at the first possible opportunity, as soon as the situation in Libya stabilised and the production and exploration offshore Libya resumed.
Medserv felt that with its emphasis being on offshore operations, which would be the first economic activity to resume, the company would be well placed to benefit.
It said that operations out of the Misurata base remained suspended but the group was continuing with its efforts to develop new markets in the Mediterranean, particularly Sicily.
Medserv said that last week , the Medserv Malta base was full of activity as the company supported SOS Malta with a humanitarian relief job for Misurata.
SOS Malta were contacted by SOS Tunisia to provide the organisation with a channel to Misurata via Malta.
SOS Malta are facilitating the operation and called upon Medserv for their support. The group agreed to warehouse 20 40-foot containers free of charge at their base.
Last week, ships came alongside the Medserv quay with containers laden with necessities such as blankets, pasta and other supplies.
Medserv employees supported by the Red Cross, the AFM and other volunteers unloaded the ships, palletised the goods and stored them, ready for transhipment on smaller boats to the port of Misurata.
"It is important to us to be able to provide support in any way possible to our home base town in Libya. Our Maltese employees have been evacuated from Misurata a while ago, but our colleagues from Libya are still on the ground.
"We feel duty-bound to help out wherever possible and were only too happy to support SOS Malta with this initiative," chairman Anthony Diacono said.
www.medservmalta.com