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Medserv registers 'lean' 2010, now faces Libya crisis, Misurata operation suspended
Medserv, the Malta owned oil industry logistics support for the oil and gas industry in the Mediterranean has registered a ‘lean’ 2010 as a result of postponement of offshore work caused by “political and economic” factors as well as BP’s oil spill in the Gulf of Mexico.
Decreased revenue over the previous year has had a direct effect on the Group’s profit margins as contribution towards fixed cost decreased.
During 2010, the results registered are significantly lower when compared to 2009.
In a statement that accompanied the preliminary Group results and state of affairs, Medserv generated just under €12 million in 2010, when it had generated €17.5 million during the previous year.
The outlook for the company is anchored to the unfolding events in Libya, where the current uprising has “forced the directors to suspend the Libya operations carried out by Medserv Misurata Free Zone Company. “
To date the directors are not aware of any losses to assets in Misurata.
The financial statements do not include any adjustments should Medserv Misurata Free Zone Company be unable to realise the full value of its assets and discharge its liabilities as a result of the Libya crisis.
Subsequent to the current scenario in Libya the Malta base is experiencing increased business as equipment and materials are being temporarily relocated to Malta, while the Malta base is providing significant volume of logistical and support services to offshore platforms located in North Africa within the parameters of the current UN and EU sanctions.
