Issue link: https://maltatoday.uberflip.com/i/754383
maltatoday, WEDNESDAY, 23 NOVEMBER 2016 11 Oil and gas logistics specialists Medserv's total revenue for the year is expected to be close to the revised forecast amount of €38 million. There is the possibility of improving on this fi gure if the pro- jects earmarked to commence in the last quarter of the year materialise. If this is not the case, the company said, this business will be postponed to the fi rst quarter of next year. Middle Eastern oil investment Medserv's decision to invest in the Oil Country Tubular Goods (OCTG) market of the Middle East has had a major impact on the group, the company said. While turnover and profitability in Oman are expected to surpass forecasts, and the UAE is expected to reach the budget profit, Iraq, on the other hand, registered a loss. The Iraq company has just completed the restructuring plan which allows METS Iraq to remain fully functional and work at break- even from October 2016. The company has observed improving signs that the Southern Iraqi oil and gas market is picking up, with IOCs showing renewed interest. Medserv added that the synergy that exists in its product portfolio and that of METS, made up of 'shore base services' and 'OCTG', has started to deliver new revenue. Furthermore, the first contract for pipe testing was successfully completed in Medserv's Hal Far Malta facility using technology and know-how imported from METS. New contract consolidates business pipeline, Libya office remains open … Medserv's Malta operation has won a two-year major logistic and base support contract that came to market in 2016 for offshore Libya activity. This reportedly consolidated the business pipeline for Medserv operations and work levels are expected to be high in the next three years. The company has maintained the Tripoli office operational to support the work being done in Malta for Libya. According to its announcement, Medserv has plans in place to return to Libya as soon as the situation there allows it to do so. It is also awaiting adjudication of a second tender for logistic support offshore Libya. … while European offices mothball Medserv continued that the operation in Cyprus remains unchanged. The base in Larnaca is still in a mothballed position, it said, and discussions are ongoing with both clients and local authorities on the future of shore base services. The operation in Portugal is also in mothball mode and drilling operations are expected to commence in the first quarter of 2017, it added. New horizons on the Caribbean Medserv has said that it is very active in development work in new markets, stating that a Trinidad office has been set up to develop business in the Caribbean region. "The company is participating in a tender bid for business offshore Trinidad and the outcome of this competitive bid should be known by year end. "We have also been accepted on the vendor list of a further two companies with operations offshore Trinidad which will allow the company to participate in tenders expected to be issued in 2017," it said. Medserv Egypt awaits first tender Medserv Egypt is up and running with the office set up in Cairo, and has been accepted on the vendor list of two IOCs operating offshore Egypt and the first tender which the company may participate in is expected to be issued in November 2016. "Business development in our industry has particularly long realisation time frames. Medserv considers both the Trinidad and Egypt marketing effort as being well advanced and able to offer our services to clients in these markets too. The company is constantly seeking to expand its business in markets that will offer good opportunities to increase turnover and profit, as well as to help spread market risk," it said. Testing Iranian waters Medserv has said it is following its main International Oil Companies by starting to investigate the opportunities the Iranian market offers. "The company is conscious that no business can be done out of Iran until the international sanctions still in force are completely removed," it added. Concluding, Medserv said that the initiatives taken by the company to date have not only reduced the shortfall in performance but also placed it in a position to perform strongly next year. Business Today www.creditinfo.com.mt info@creditinfo.com.mt Tel: 2131 2344 Your Local Partner for Credit Risk Management Solutions Supporting you all the way Medserv revenues reach €38 million Registered unemployed down in October 2016 The number of persons register- ing for work in October stood at 3,166, compared to 4,916 in the same month last year. According to data provided by Jobsplus for October, the 1,567 persons registering under Part I and 183 among those registering under Part II of the unemployment register are indicated to have decreased, when compared to October 2015. Overall, decreases in registered unemployment were recorded among all age groups. When compared to October last year, registrants for work decreased irrespective of how long they had been registering, the National Statistics Office said. The largest decrease was recorded among persons who had been registering for over one year. The number of persons with a disability who were registering for work also decreased by 23, bringing the number down to 367. Males accounted for 76.3% of total registrants with a disability. The largest share of males and females on the unemployment register sought occupations as clerical support workers, at 18.4% and 33% respectively. The registered unemployment rate in April 2016 stood at 2.1% of the labour supply (excluding part-time employment), and varied from 2.4% among men to 1.5% among women.