Medserv will this week be issuing the prospectus for a €20 million bond, which will be secured and guaranteed.

The money is being raised in order to finance a number of projects, as had been indicated by the directors in their interim statement last July.

The company is active in a number of areas around the Mediterranean, with the Misurata base in Libya showing gradual signs of returning to operations.

Medserv Cyprus has been awarded a licence to operate out of the port of Larnaca, which would give it access to a deepwater quay and warehouses.

Medserv has also been invited to set up a logistic base in two ports in Lebanon and is in discussion with a proposed partner.

Additionally, invitations were received from a UK-based oil company to tender for the operation of an existing logistic supply base in India, and also from a US-based company to set up a similar base in Ghana.

Meanwhile, Medserv Italia has been waiting for government/regional permission to be granted to oil companies to commence drilling operations offshore Sicily.

Medserv is also planning a €4 million investment in a 2MWp photovoltaic farm, for which the permits are now in hand. The entire unit should be on stream by the second quarter of 2014.

The group registered a profit before tax of €566,485 compared to a loss of €680,589 sustained in the six-month period to June 30, 2012.