Medserv awarded major contract in South America
Medserv has announced it has been awarded a shore base contract valued at $30.6 million in a new geographical market. The contract is for a period of fifteen months commencing 1 January 2019, providing nearshore logistics support to Staatsolie Maatschappij Suriname.
The contract relates to an emerging region adjacent to the recent ExxonMobil discoveries in offshore Guyana, potentially providing further opportunities in the region for the Group.
The contract was awarded to Medserv following an international tendering process. The key factor attributing the contract award was a strong and experienced project management personnel that can support Staatsolie’s drilling operations.
It is expected that this contract will be serviced through the Group’s internal resources and will not require any major capital expenditure. This award, together with already contracted business, further underpins the projected revenue growth forecast for years 2019 to 2020.
Staatsolie Maatschappij Suriname N.V. is a fully integrated oil company, with the Republic of Suriname as its single shareholder. Medserv shall provide integrated logistics support services (ILSS) to support the Nearshore drilling campaign of Staatsolie Maatschappij Suriname N.V. (Staatsolie) together with shore base business partner Kuldipsingh Port Facility N.V. and marine services provider Trinity Lift Boat Services Ltd.
This is an important milestone in Medserv’s development, contributing towards the delivery of the Group’s strategy to increase the Group’s client base and geography.
“We are particularly proud of this win. Besides being a significant win in a new geographical region, this award was won on the back of the merits and reputation of our team and our expertise. It is thanks to our highly experienced team, a conscious investment decision that is bearing fruit. Key members of the management team, lead by our Group CEO Karl Bartolo, have been instrumental in the process,” commented Medserv Group of Companies Chairman Anthony Diacono.