Record Contract Award and Update - Edison Investment Research
Edison issue Flash Note further to Company Announcement of significant Sumitomo Contract
Rig repair and maintenance - Medserv Energy
Rig repair and maintenance - Medserv Energy
Record Contract Award and Update
21 November 2016
EDISON Investment Research
METS, acquired by Medserv last year, has been awarded a major supply contract by Sumitomo. The contract is significant because it represents the largest contract ever won by Medserv, underpinning METS activities with extended scope, which further justifies the purchase price. Despite challenging markets Medserv continues to successfully renew existing services contracts that underpin its core performance. Although the update in Trinidad indicates the loss of the initial tender for an onshore base for an oil major, other opportunities in the country are progressing, including a current bid awaiting adjudication. A number of incremental prospects also remain in Medserv’s other key regions of operation, notably offshore Libya, Portugal, Cyprus and Egypt.
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