Although Medserv operations out of the company’s Misurata base in Libya remained difficult, assistance and support to clients still operating in the north African state was being provided through the company’s branch office, Medserv Libya, out of Tripoli, the company said.

In an interim statement, Medserv reported that the group continued to secure contracts with multinational oil service companies.

Medserv Libya signed a tripartite agreement with a leading international oil company and a leading rig operator to support activity offshore Libya.

Further agreements were also signed with other leading international service companies, representing supply vessel support, mud mixing operations, procurement and local representation.

Medserv’s interim statement reported that forecasts published in April, which indicated a profit of €2.2 million (before tax) were on target as the group’s results picked up in the second half of the year.

All contracts announced in the first half of the year commenced as anticipated.

The company remained confident that the delayed offshore maintenance contract referred to in previous statements would become active before the end of the year or in the first quarter of next year.  The difficult situation in Libya remained the cause for this delay.

The company also reported that, as anticipated, the second half of the year saw a rise in activity both in Malta and Cyprus where both bases were working at high levels of capacity. 

Medserv Cyprus moved from 'stand by' status to fully operational as the rig, Saipem 10000, commenced drilling operations offshore Cyprus. This increased the volume of work and was contributing strongly to the group’s results for the year.

The new office block built to accommodate the various clients using the Malta facility was fully occupied and the company was increasing office space by installing new high quality porter cabin offices at both the base at Malta Freeport and the land at Hal Far.

Medserv reported that it was expecting to continue its strong performance into 2015.

The group's business development team also intensified their efforts to continue to identify new markets and services to ensure that Medserv retained its position as the main provider of a fully integrated service to the offshore oil and gas industry in the Mediterranean region.