Medserv extending operations to Cyprus

Oilfield services group Medserv has formed a joint venture in Cyprus in order to extend operations into the Eastern Mediterranean. The company has already been in contact with a number of oil companies interested in oil exploration off Cyprus.

A similar joint venture has also been set up in Sicily.

In a statement, the Malta-based company said demand for its services is increasing. It has reopened its Misurata base in Libya after it was closed when the uprising started in February. Damage to the base was small and the employees have now returned to work.

"The resumption of the production and export of oil and gas in Libya has exceeded expectations. These positive developments coupled with the improving political climate enables the company to remain cautiously optimistic that it will benefit from the upturn in activity in Libya" Medserv said.