MedservRegis p l c : TitleUpdated Financial Analysis Summary

COMPANY ANNOUNCEMENT

MEDSERVREGIS P.L.C.

(THE "COMPANY")

Updated Financial Analysis Summary

Date of Announcement	18 June 2024
Reference	308/2024
Capital Market Rule	CMR 5.16.18

Quote

The Company announces that it has updated the financial analysis summary to take into account the consolidated financial statements of the Company for the financial year ended 31 December 2023 and the forecasts for the financial year ending 31 December 2024.

The said update is available for inspection at the Company's registered office and on the Company's website: http://www.medservenergy.com/investor-relations

Unquote

Laragh Cassar

Company Secretary

The Board of Directors

MedservRegis p.l.c.

Malta Freeport,

Port of Marsaxlokk,

Birzebbugia, BBG3011

Malta

18 June 2024

Dear Sirs,

MedservRegis plc - update to the Financial Analysis Summary (the "Update FAS")

In accordance with your instructions, and in line with the requirements of the MFSA Listing Policies, we have compiled the Update FAS set out on the following pages and which is being forwarded to you together with this letter.

The purpose of the Update FAS is that of summarising key financial data appertaining to MedservRegis plc (the "Issuer" or "Company") in relation to the €13 million 5% Secured Bonds 2029 issued by the Company in 2022.

The data in this Update FAS is derived from various sources or is based on our own computations as follows:

1. historical financial data for the three years ended 31 December 2021 to 2023 extracted from the Issuer's audited statutory financial statements for the three years in question;
2. the forecast data for the financial year ending 31 December 2024 has been extracted from the forecast financial information provided by the management of the Issuer;
3. our commentary on the results of the Issuer and on its financial position is based on the explanations set out by the Issuer in the audited financial statements and assisted by the Company's management;
4. the ratios quoted in the Update FAS have been computed by us applying the definitions set out beneath each ratio; and
5. relevant financial data in respect of other issuers with same-maturing bond issues as analysed in Part D of this report has been extracted from public sources such as the web sites of the companies concerned or financial statements filed at the Registry of Companies.

The Update FAS is meant to assist existing and potential investors by summarising the more important financial data of the Issuer. The Update FAS does not contain all data that is relevant to potential investors and is meant to complement and not replace financial and/or investment advice. The Update FAS does not constitute an endorsement by our firm of the listed bonds that the Issuer has outstanding on the Official List of the Malta Stock Exchange and should not be interpreted as a recommendation to invest in the bonds or otherwise, or any other securities issued by the Company. We shall not accept any liability for any loss or damage arising out of the use of the Update FAS and no representation or

warranty is provided in respect of the reliability of the information contained herein. Potential investors are encouraged to seek professional advice before investing in the Issuer's securities.

Yours sincerely,

Doreanne Caruana

Head of Corporate Advisory

FINANCIAL ANALYSIS SUMMARY

Update 2024

Prepared by Rizzo, Farrugia & Co (Stockbrokers) Ltd, in compliance with the

Listing Policies issued by the Malta Financial Services Authority on 5 March 2013

and last updated on 21 August 2021.

18 JUNE 2024

TABLE OF CONTENTS

LIST OF ABBREVIATIONS

IMPORTANT INFORMATION

PART A	BUSINESS & MARKET OVERVIEW UPDATE
PART B	FINANCIAL REVIEW
PART C	LISTED SECURITIES
PART D	COMPARATIVES
PART E	GLOSSARY

Financial Analysis Summary - 2024 Update

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LIST OF ABBREVIATIONS

AES	Angola Environmental Servicos Lda
BP	BP plc
BP Egypt	BP Exploration (Delta) Limited
CPF	Central Processing Facility
EBITDA	Earnings before interest, tax, depreciation, and amortisation
Eni	Eni S.p.A.
IEA	International Energy Agency
IECs	International Energy Companies
IEOC	IEOC Production B.V. (Eni's subsidiary in Egypt)
ILSS	Integrated Logistics Support Services
MOG	Mellitah Oil & Gas B.V. (Libyan Branch)
OCTG	Oil Country Tubular Goods
OPEC+	Organisation of the Petroleum Exporting Countries PLUS (made up of OPEC members and
	other members)
PDO	Petroleum Development Oman
RUL	Regis Uganda Limited
SONILS	SONILS Sonangol Integrated Logistics Services Lda
Sumitomo	Sumitomo Corporation Middle East FZE
TotalEnergies	TotalEnergies SE
UAE	United Arab Emirates

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IMPORTANT INFORMATION

PURPOSE OF THE DOCUMENT

MedservRegis plc (the "Issuer" or the "Company" or the "Group'') issued €13 million 5% Secured Bonds 2029 in 2022 pursuant to a prospectus dated 9 November 2022 (the "Bond Issue") which included a Financial

Analysis Summary ("FAS") in line with the requirements of the MFSA Listing Policies (dated 5 March 2013 and last updated on 21 August 2021). The purpose of this report is to provide an update to the FAS (the "Update FAS") on the performance and on the financial position of the Group.

SOURCES OF INFORMATION

The information that is presented has been collated from a number of sources, including the Company's website (www.medservregis.com), the Company's audited financial statements for the years ended 31 December 2021, 2022 and 2023 and forecasts for financial year ending 31 December 2024.

Forecasts that are included in this document have been prepared by the Group's management and approved for publication by the Company's directors, who undertake full responsibility for the assumptions on which these forecasts are based.

Wherever used, FYXXXX refers to financial year covering the period 1 January to 31 December. The financial information is being presented in thousands of Euro, unless otherwise stated, and has been rounded to the nearest thousand.

PREVIOUS FAS ISSUED

The Company has published the following FAS which are available on its website:

• FAS dated 30 August 2013	• FAS dated 7 April 2014
(appended to the final terms)	(appended to the final terms)
• FAS dated 15 May 2015	• FAS dated 18 May 2016
• FAS dated 5 April 2017	• FAS dated 11 May 2018
• FAS dated 22 May 2019	• FAS dated 15 July 2020
• FAS dated 28 June 2021	• FAS dated 26 July 2022
• FAS dated 9 November 2022	• FAS dated 26 June 2023
(appended to the prospectus)

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PART A	BUSINESS & MARKET OVERVIEW UPDATE

• UPDATE ON THE OIL AND GAS INDUSTRY

The global oil and gas industry continues to face various challenges including adapting to changing demand and supply dynamics as well as sustainability goals. Global oil markets recalibrated after three turbulent years, initially due to COVID-19 pandemic and later the Russian invasion of Ukraine. The industry remains very fluid, influenced by various factors such as geopolitical events, supply and demand dynamics and global economic conditions. During 2023, average price per barrel stood at USD82.49 and during the first few months of 2024, inched further up to USD82.73, reflecting the expected increase in demand as 2024 growth figures have been revised up.

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an Apr ul Oct an 20 Apr 20 ul 20 Oct 20 an 2 Apr 2 ul 2 Oct 2 an 22 Apr 22 ul 22 Oct 22 an 2 Apr 2 ul 2 Oct 2 an 2 Apr 2

Source: Refinitiv Eikon

Investment in upstream activities has been on the increase and reached their highest levels since 2015. Such investments are supported by the need to substitute the oil and gas that was previously sourced from Russia which has remained embargoed through the various sanctions imposed namely by the United States and the European Union. Furthermore, overall demand for oil and gas products across the globe is expected to continue rising (up until 2028 which is the last year of IEA's forecast period), particularly supported by demand across emerging economies. For 2024, global output is forecast to rise by 770 kb/d to 102.9 mb/d. Non-OPEC+ production will expand by 1.6 mb/d, while OPEC+ supply could fall 820 kb/d if voluntary cuts remain in place. In 2025, global growth could reach 1.6 mb/d. Benchmark crude oil prices continued their upward trajectory in

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March and early April 2024, as heightened geopolitical tensions coincided with the prospect of a tighter supply-demand balance through the remainder of the year.

Pitfalls and uncertainties still prevail in this intrinsically volatile industry. One of the main risks relates to the prevailing macroeconomic environment whereby the risk of recession is on the increase as various central banks maintain their respective contractionary monetary policy (commonly referred to as higher rates for longer) in an attempt to control inflation. Inevitably this translates into high costs of borrowing.

Looking even further into the future, the main challenge of the oil and gas industry is the transition to cleaner energy. Whilst the IECs are investing in this area, oil and gas will remain an important energy source for years to come as the infrastructure required to shift dependency on cleaner energy sources requires significant time and substantial amounts of investment.

Sources:

https://www.statista.com/statistics/262861/uk-brent-crude-oil-monthly-price-development/

International Energy Agency ("IEA"), 'Oil 2023 - Analysis and forecast to 2028',

https://iea.blob.core.windows.net/assets/cc7fd38f-3d68-4796-a958-8dfa3f3ef4a6/Oil2023.pdf- Accessed on: 13 May 2024

Deloitte, '2024 oil and gas industry outlook',https://www2.deloitte.com/us/en/insights/industry/oil-and-gas/oil-and-gas-industry-outlook.html- Accessed on: 13 May 2024

International Energy Agency ("IEA"), Oil Market Report - April 2024,https://www.iea.org/reports/oil-market-

report-april-2024- Accessed on: 13 May 2024

International Energy Agency ("IEA"), World Energy Outlook 2023 - Executive Summary,https://iea.blob.core.windows.net/assets/24b94acb-5ae6-451d-b79a-68a875d773d1/Executivesummary-

WorldEnergyOutlook2023.pdf - Accessed on: 13 May 2024

Abbreviations:

'mb/d' refers to million barrels per day

'kb/d' refers to thousand barrels per day

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• KEY RECENT DEVELOPMENTS IN 2023 AND OUTLOOK FOR 2024

MEDITERRANEAN OPERATIONS

This sub-segment within ILSS includes the operations of Malta, Cyprus, Morocco and Egypt.

Malta Operations (including Libya Branch)

In recent years, the Malta base continued to provide shore base services for the development of offshore Libya projects. Given the ongoing political and hostile environment in Libya, management is confident that the Company will remain the shore base for all oil and gas operations offshore Libya. This is because the Company's base in Malta is seen as a reliable and a safe haven for the storage and mobilisation of oil field equipment required by companies engaged in offshore Libya projects.

Furthermore, as explained below, the Malta base has also been instrumental to companies seeking logistic and handling services.

Mellitah Oil & Gas B.V. (Libyan Branch) ("MOG")

Mellitah Oil & Gas B.V. (Libyan Branch) ("MOG"), which is a joint venture between the Libyan National Oil Corporation and Eni North Africa B.V., plans to drill 31 offshore development wells. MedservRegis will be acting as the logistics base for the development of new gas offshore structures for MOG. Drilling has been delayed due to the continued unresolved political unrest in the country and is now expected to commence towards the end of FY2024 (originally planned for FY2023 and subsequently moved to the first half of FY2024). Prior to the drilling, OCTG and tubulars are shipped into the country in preparation for the drilling campaign. Such shipments started to be received as from the second quarter of 2023.

Air Liquide Oil & Gas Services Ltd

In March 2020, the Company signed a long-term agreement with Air Liquide Oil & Gas Services Ltd to install and operate a compressed gases filling plant to provide diving and welding gases to the offshore industry in the Mediterranean basin. After obtaining necessary permits, the facility was installed at MedservRegis' base at the Malta Freeport and operations commenced in Q4 2020. Revenue from this agreement in FY2023 was in the region of €0.6 million, and the contribution from this project is expected to improve further once drilling offshore Libya resumes.

Eni North Africa B.V.

In FY2020, the Group was awarded a contract by Eni North Africa B.V. to provide a logistics marine base and associated services for its oil and gas activities taking place offshore Libya. The term of the contract is three years from 1 January 2021 until end of FY2024. The IEC plans to drill seven wells towards the end of FY2024, which are expected to generate €0.5 million per well for the MedservRegis Group.

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Other Services

The activity of the Malta operation in FY2023 was also characterised by other one-off revenues. It also generated revenue from offshore engineering work in the Mediterranean, particularly offshore Libya - this service offering has been integral to the Malta operations for the past ten years and has contributed revenues on an annual basis, save for 2017 where no significant work of such nature was provided.

The Group continues to benefit from revenues generated by its photovoltaic farm installed on the Malta base, which was commissioned in July of 2014.

Other non-oil and gas business provide Medserv with additional revenue during the year. The Group has identified a number of local companies or entities operating in Malta, particularly close to the Medserv base. To such companies, the Group provides access to its lifting and logistics equipment as well as safety supervisory personnel that oversees the operations related to the offloading of periodic shipments and any storage facilities as may be required.

Furthermore, the Group also provides painting and blasting services to another client with whom it has a maintenance and projects contract. It is expected that such contract will generate revenues to the Group at

just under € million in FY202 .

Cyprus Operations

In June 2023, ENI issued a new tender for the provision of shore base services for which several local and international service providers participated. The Group has secured this contract for a 36-month period, with possible extensions of a further two one-year periods. The Cypriot subsidiary went fully operational in November 2023, while ENI commenced the drilling of the appraisal well which extended until February 2024. It is now expected that ENI will move to the development phase in which a series of wells are expected to be drilled, commencing in 2025.

Medserv Cyprus signed a 3-year contract with ExxonMobil in July 2022, whereby the Cypriot subsidiary will provide storage and related services. ExxonMobil and its partner, QatarEnergy, have exploration rights to blocks 5 and 10 in Cyprus. The expectation is that drilling by ExxonMobil is expected to resume towards the end of FY2024.

In January 2023, Medserv Cyprus signed a new contract with Chevron Cyprus Limited for the provision of operational base support services from the Limassol base with the rig commencing activity in April 2023 and finalised in August 2023.

Egypt Operations

The contract with IEOC Production B.V. ("IEOC") which commenced in anuary 20 8 and which has been subject to a number of extensions and revisions, is set to expire in December 2024. This contract is for the

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