While oil and gas production levels from existing fields in Libya have now reached pre-war levels, the expected recovery in exploration operations has taken longer than anticipated, the Medserv Group said in a company statement.

It said that its financial results for 2012 reflected the effect of the instability suffered in its main market. The group continued with its efforts to diversify both product and market and a new Maintenance Unit was established.

This successfully negotiated and completed its first contract with a leading international oil company. Similar contractual work had already been awarded to the group in the first quarter of year 2013.

Offshore drilling operations by Mediterranean rim countries were expected to commence in the third quarter and fourth quarter of this year.

The Group said it shall be investing €4 million to install a 2MWp photovoltaic farm making use of the extensive roofs found in its Malta base. This investment would not only generate income for the next 20 years but was also considered as an investment towards sustainable energy production. The project should be completed and commissioned by the end of 2014.

The group signed a new lease agreement with Malta Freeport Corporation Limited that would allow it to operate from its current location at the Freeport up to 2060.

Medserv Misurata FZC resumed operations in Libya but the damaged warehouse had still not been repaired by the local authorities. This severely restricted the nature of the goods that could be stored safely.

The development of the base in Limassol, Cyprus had commenced and the company’s personnel were expected to be in Cyprus in the first quarter of this year. The group expected to secure its first business there at the end of 2013 or in the beginning of next year in line with progress made in exploration activity offshore Cyprus.

The group had also maintained its presence in Cyprus and tendered for business in East Africa.

The group registered a profit in the first quarter of this year due to the increased business in the Malta operation.

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