Directors' Issue Interim Statement
The increase in the price of oil has shown signs of resilience and the market may be entering a more stable period when compared to the recent past.
Rig repair and maintenance - Medserv Energy
Rig repair and maintenance - Medserv Energy

Directors' Interim Report

22 May 2017
 
The increase in the price of oil has shown signs of resilience and the market may be entering a more stable period when compared to the recent past. This has allowed the major international oil companies (IOCs) to return to greater profitability as evidenced by recent first quarter results. This turnaround was greatly helped by the agreement reached by OPEC and others to reduce output levels, as well as by a painful restructuring process. These two actions addressed the new industry reality and could usher in a period of stability. The Company expects this to have a knock-on effect on the service company sector which should benefit the Company in the near term.
 
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