MedservRegis is projecting “steady growth” in Malta servicing offshore oil and gas operations in Libya and Cyprus.

In an interim report covering the first nine months of 2024, the Malta-listed firm said “significant contracts position the company well for continued revenue generation.”

MedservRegis, which celebrated its 50th year of operations earlier in 2024, provides shore base logistics and engineering services to the offshore oil and gas industry and supply chain management for Oil Country Tubular Goods (OCTG) to support the onshore oil and gas industry.

The market update posted to the Malta Stock Exchange notes that “new service expansions in regions like South America reflect strategic growth, while challenges, including geopolitical instability and exchange controls, remain present.”

The period between January and September 2024 saw increased business activity in Malta and the Middle East, driving revenue growth to effectively compensate for declines in Morocco, where the offshore drilling campaign was completed in 2023, and in Cyprus, which experienced reduced activity during 2024.

“Despite these shifts, the Group achieved total revenue of €50.2 million, nearly on par with €50.3 million in the same period last year,” it reported.

EBITDA has increased from €11.7 million in the first nine months of 2023 to €12.6 million in the same period of 2024.

“Furthermore, operational margins have improved” – from 23.3 per cent to 25.1 per cent between the first three quarters of 2023 to the same period in 2024 – “underscoring the company's strengthened profitability in its core operations.”