Times of Malta, 9th April 2010

Oil services company Medserv has announced a record pre-tax profit of €3.1 million in 2009 (2008: €975,421) , despite the difficult international economic scenario.

“Despite the depressed economic environment for the reporting period the Group managed to achieve record results. The Malta subsidiary was successful in attracting to the island the servicing of rigs and other specialised vessels prior to a pre-spud operation. Medserv Misurata FZC, the Libyan subsidiary continued to perform strongly in supporting off-shore exploration operations and contributed 31% of the earnings attributable to the owners of the company,” Medserv said.

The company also announced it will sponsor Din L-Art Helwa and Munxar Council’s restoration of Xlendi Tower in Gozo.

“This has been on our agenda for a while now. We want to be able to give something back to the community and build on our social responsibility activities. We wanted to be associated with an independent organisation that is working across the country in the field of protection of heritage. Din l-Art Helwas was an obvious choice” said Anthony Diacono, company chairman.

The restoration will be a joint venture between Din l-Art Helwa and the Munxar Local Council and expenses will be shared on a 50/50 basis. The project is projected to start in a few months’ time and completion is expected within about three years.