Genel Awards Logistics Services Contract to Medserv (Malta)

Genel Energy Petroleum Services Limited, led by ex-BP CEO Tony Hayward, has awarded in favour of Medserv Operations Limited the contract for the provision of Logistical Supply Base Services, Transportation, and Associated Services in relation to the drilling of an exploration well offshore Malta. Medserv Operations Limited is a 100% owned subsidiary of Medserv p.l.c.

The effective date of commencement of the contract shall be the 1st of October, 2013. The duration of the contract shall be for an initial period of one well plus an option to extend for a further one well.

“We are thrilled with the news” said Medserv Chairman, Anthony Diacono. “It is an honour to be able to work on a project on home turf. This is an excellent opportunity for Malta and we are excited that we are able to play a small part in this.”

The contract entails the provision of Logistical Supply Base Services, Transportation and Associated Services. Medserv will also provide all equipment, materials, personnel and all other items necessary for the provision of the services to Genel Energy.

The news of the contract award came in just days after the Company announced that the first tranche of €13,000,000 6% Secured and Guaranteed Notes had to be closed within minutes of it opening due to heavy over-subscription. The company reported an overwhelming response to the Notes Issue where a total of 3,845 applications were received by 23 September 2013 for participation in the general public offer representing a total value of €55,467,700.

October 02, 2013

 

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