Medserv is a Malta-based provider of integrated offshore logistics and services in support of drilling operations in the Mediterranean and the rest of the world. The acquisition of the METS companies in 2016 diversified Mederv into onshore steel tube stockholding and servicing for countries in the Middle East.
Medserv’s strategy to expand its geographic reach and range of services is bearing fruit. FY18 results met revenue and company-defined adjusted EBITDA guidance. The Suriname offshore base management contract is a prime driver of major improvement in FY19, with group revenues set to double. Even in other territories underlying progress is occurring, notably in Egypt, Cyprus and Malta, with potential for additional new orders this year for both ILSS and OCTG. H119 results are due at the end of August. The major shareholders’ intentions to sell to a strategic partner has progressed and the market backdrop is supportive for all elements.
Medserv operates in the upstream oil and gas segment, providing onshore bases in the Mediterranean, the Middle East and the Americas for onshore and offshore exploration and production customers. The acquisition of METS in February 2016 added onshore OCTG services to the historical integrated offshore services offered in Malta and Cyprus. As new territories are brought on stream, the potential for substantial revenue growth for the FY19–FY21 period is becoming more tangible.