Medserv has reported a significant increase both in turnover and in profitability.

In its unaudited interim financial statement issued on 31 August, the group reported a significant increase in turnover and profitability when compared to last year. This is a result of substantial services provided by the group’s bases, located in Malta and Libya. This consisted of support services to rig and production platforms, specialised vessels, and most considerably, the operational support given to oil companies in their offshore exploration drilling campaign in the Mediterranean. These levels of results were maintained in the third quarter of the financial year and the trend is expected to continue.

The group is still pursuing its assessment of the market for services offshore Egypt through the memorandum of understanding that was entered into with Tradewinds Petrotrade of Texas, USA.

Following a review of forecast oil exploration activity coupled with the earmarked Mediterranean rim-countries committed to boost oil output in the next few years, Medserv continues to review the environment for other potential Mediterranean locations, the company said.

It also announced that, with a view to restructuring the group in a more organised fashion, on 16 November, the company transferred its 60 per cent shareholding in Medserv Misurata to Medserv International (a 100 per cent owned subsidiary of the company) rendering Medserv Misurata a direct subsidiary of Medserv International.