The Misurata base whilst open has not yet seen any new business from oil companies renewing operations. However the company reports that existing fee income at the Misurata base is sufficient to support day to day expenditure.
Whilst Libya was recovering from the war the authorities and oil companies concentrated on restoring existing oilfields onshore Libya to full production. During this time the Group has been preparing for the commencement of a number of large offshore Libya projects which have been in the planning stages for many years and which are planned to shortly enter the construction phase.
Now that Libyan oil production has largely recovered to pre-war levels, increasing attention is being paid to these projects as the country strives to increase its production of fossil fuels to meet demand. The Medserv Malta base is receiving shipments of material in preparation for commencement of these operations. Repairs to subsea structures and maintenance to platforms are also being carried out and in this regard Medserv Malta has secured a substantial maintenance contract to be executed this year.