In a directors’ interim statement, Medserv reported that performance during the third quarter of the year continued to be depressed with projects which were expected to start during the quarter being postponed to start during the last three months of the year.

However substantial maintenance work is now being undertaken on offshore platforms together with support to offshore activities consisting of a number of port calls from oil and gas vessels. The company is also handling equipment and tubulars in preparation for major offshore operations scheduled to commence in the first quarter of 2013.

Preparations are also ongoing for the construction of the base in the port of Limassol in Cyprus, to service oil companies exploring offshore Cyprus now that the government has awarded licences for exploration.