Medserv, the oil and gas service company, has extended its collective agreement with the General Workers Union’s Metal and Construction Section for three years from last January. The agreement secures improved salaries and working conditions for staff. Medserv chairman Anthony Diacono expressed his satisfaction at the company being in a position to sign the agreement, especially after the recent turmoil in the company’s main market, Libya.

“The co-operation and support of the General Workers Union in the cost-cutting exercise we put into place during the revolution in Libya was one of the factors that helped us to turn things around in such tough conditions and enable us to emerge from the ‘crisis’,” Mr Diacono said. “The signing of the agreement with the union is a clear sign of our confidence going forward.”

In an announcement on the stock exchange earlier this year, Medserv plc announced a respectable profit despite the noted decrease in business from Libya. The company continues to consolidate its position in the Mediterranean and is focusing on their internationalisation strategy and expansion plans into new territories.