Medserv p l c : win a significant contract in a new geographic territory

Medserv win a significant contract in a new geographic territory
24/01/2018

Medserv are pleased to announce that they have secured business in a market, considered by the industry to be the big new energy source on Europe's doorstep.

Medserv have just been awarded a three year contract with the option of extending for further periods to provide the integrated logistics support services for the production phase of offshore operations being conducted by an International Oil Company. This new contract was awarded through a competitive tender process and is effective as from 1st January 2018. The initial value of the contract is estimated to be over €10 million with prospects for further growth in both its business units, namely, integrated logistics support services and oil country tubular goods.

Due to commercial considerations, the International Oil Company and Medserv have agreed not to disclose more details at this stage, as discussion are still ongoing with third parties that could affect the expansion process of the project.

'This is a significant win for the company. Besides being a break into a new geographic territory, the contract itself poses significant potential for growth. The support we are providing is for production and not exploration, meaning that the work is long-term. Whereas exploration projects have a lifespan of about 3 years, production contracts run for significantly longer periods. We are also already discussing further expansion of the services being provided. We have a team on the ground and works are progressing well.' commented Anthony Diacono, Chairman at Medserv Group of Companies.