In a company announcement issued earlier today, Medserv reports that the offshore maintenance contract referred to in the Chairman's report of the 2013 financial statements and more recently in the company announcement dated 19 November 2014 has been awarded to Medserv.

The value of this contract is approximately of € 4 million and will commence in the second quarter of 2015. The maintenance work on this platform, situated offshore North Africa, is expected to be completed in ten months.

This is another success for the Group's Maintenance Unit that was set up in 2012 as part of the company's diversification strategy. The Division specifically targets maintenance jobs on offshore units.  "We have engaged highly experienced personnel to service the business as servicing is carried out whilst platforms are operating offshore. Downtime for such platforms is costly and therefore having the Medserv maintenance and engineering team go out and service them offshore, whilst in operation is important to our clients. Specialised skill and strict adherence to high level health and safety protocols is required." said Anthony Diacono, Chairman at Medserv plc.

The company's Maintenance Unit has become a significant contributor to the Groups' revenues with four major contracts won to date totalling just over €7 million in turnover.

In addition, the company's representation of Oxifree Metal Protection in Southern Europe and Northern Africa, is also beginning to bear fruit.  Oxifree, a leading US based producer of corrosion protection polymeric solutions for the Oil and Gas and Maritime industries, is a perfect complement to the Company's Maintenance and Engineering Unit. The representation allows the Group to strengthen their service offering with an innovative and cost effective approach towards protecting their clients' critical assets from corrosion.