Oil services company Medserv has reported a profit in the first three months that comes on the back of improved turnover in the last quarter of 2012.

The company took a hit during the Libya crisis when its Misurata base had to close down because of the conflict.

Medserv said the Misurata base was operational but suffered from the lack of new business from international oil companies reluctant to return to operational activity in Libya.

“However, income sufficient to meet the running costs of the base is being received from equipment stored there,” Medserv said.

The company is trying to internationalise its business and chairman Anthony Diacono said a joint bid with a European partner in Tanzania was shortlisted.

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