Medserv’s performance last year exceeded targets, with profit before tax reaching €6 million, representing an increase of 38 per cent over forecast profit before tax.
The company’s audited consolidated financial statements for the financial year ended December 31 were approved today. Reported Group revenue for the year was €42.2 million.
In a statement, Medserv said that the group’s performance last year could be attributed to a number of factors.
These included the strong business flow conducted out of Malta in support of the ongoing operations offshore Libya and the performance of Medserv (Cyprus) Limited which continued to service ENI out of the company's shore base in Larnaca. Engineering and maintenance services also continued to grow.
“This positive performance is a direct result of past investment made in equipment, professionally qualified personnel, health safety and quality management systems as well as improved information technology,” chairman Anthony Diacono said.
“All of this allowed Medserv not only to consolidate its position in the oil and gas industry but also to better its financial performance in challenging times.”
As the global oil and gas sector continues to suffer from the effect of oversupply of oil to the market, Medserv has refocused and moved ahead with its investment plans to ensure it can continue to be of service to its growing list of blue chip customers in the Mediterranean and beyond.
The main investment for the first quarter this year was the recently reported acquisition of Middle East Tubular Services Limited for US$45 million.
METS is the leading provider of services to the OCTG market and operates bases in Oman, Sharjah UAE and Iraq. This investment allowed Medserv to enter the developed market of the Middle East.
The company will be participating in a new tendering process for a second international oil company in support of its exploration activity offshore Cyprus. While it is still uncertain out of which location this new activity will take place, Medserv will operate out of either of the two ports being considered.
In line with the group development strategy, the company has reported that work has already commenced on evaluating the potential of new markets which include Portugal, Iran and Trinidad and Tobago.
All of the three prospects mentioned are at different levels of development with Portugal being the most advanced. In respect of Trinidad and Tobago, the group has been shortlisted by an international oil company to participate in a tender for the provision of supply base and pipeyard services, while negotiations are at an early stage in the group's efforts to secure a base facility in Iran.
“We look forward to 2016 with optimism. Our business pipeline is strong in all the geographical markets in which we operate,” Mr Diacono said.
“Our optimism is based on the knowledge that we have positioned the group to continue servicing North Africa from Malta, the Eastern Mediterranean from Cyprus, and the Middle East from the UAE, southern Iraq, and Oman.”
www.medservenergy.com