Medserv thrives with offshore operations despite Libyan unrest

Oil logistics and trading consultant, Charles L. Daly has been co-opted to the Medserv plc board.

Daly has been appointed as a non-executive director with effect from the 28 August 2014 and will be replacing Johannes Jacobus van Leeuwen who is retiring from the board after many years of service to the Medserv Group.

“We would like to take this opportunity to thank Jan for his support and invaluable contribution to the Group over all the 17 years he has spent with us either as a non-executive director of Medserv plc or of other Group companies and we wish him well,” Anthony Diacono, chairman of Medserv plc, said.

Daly brings a wealth of industry experience to the table having gained very substantial experience in the downstream oil business working for many years in BP and Ultramar, initially in research then in logistics and refinery supply and subsequently in developing business internationally.

As well as working in the Netherlands, USA and Canada, he has in more recent years been based in London, where he has held senior management positions in a number of companies in the refining, supply/logistics, shipping and oil trading sectors.

An international oil market expert and consultant to established and emerging companies, he is a recognised authority on oil supply markets in the Middle East, the Mediterranean and Russia. “Charles will be a very valuable addition to our board and we welcome him,” Diacono said.

Medserv today announced its interim results indicating that performance for the year is expected to be line with forecasts previously announced. Group profit for the year before tax was in the region of €2 million.

Medserv (Cyprus) Limited completed construction of its base at the port of Larnaca on time and the supply of operational support services to ENI also commenced on time on the 1st June 2014.

A contract to provide maintenance services to an oil platform offshore Egypt has been successfully completed as was the contract for the supply of services in relation to the drilling of the exploration well offshore Malta.

Operations at the Misurata base continue but at a very low level. Work has also commenced on one of the two offshore contracts announced earlier this year relating to drilling offshore Libya, and the other is due to start in the fourth quarter of this year.

Medserv said it remains confident that the offshore maintenance contract referred to in the chairman’s report for 2013 will be awarded to Medserv, and attributes the delay due to the difficulty in obtaining all the necessary signatures to the contract due to the present difficulties in Libya.

Whilst the situation on the ground in Libya is difficult and we continue to support our Libyan colleagues to the best of our ability, the state of affairs in Libya at the moment has had little further impact on our business performance, due to the fact that our involvement with international oil companies operating in Libya is related to offshore activity,” Diacono said.

“Offshore work continues and is important to Libya itself. We are currently supporting operations from Malta and are receiving all the support necessary from the Libyan authorities when required.”