MedservRegis plc published its financial statements for 2021 on Friday, with the new Group targeting a turnaround in 2022.

Companies Medserv and Regis came together in June 2021 with the objective of creating “a financially and operationally stronger organisation as well as provide the new Group with further global reach”.

The Group’s delay in publishing its annual audited financial statements for the year ending 31st December 2021 led the Malta Financial Services Authority (MFSA) to suspend the trading of its securities in May.

However, following the publishing of these results, the MFSA terminated this suspension and allowed MedservRegis to resume its activities.

MedservRegis registered €29.92 million in total revenues for 2021, indicating a large increase from 2020’s €11.28 million, yet still much lower than the initially forecast €44.59 million in the financial summary released on 28th June 2021.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) amounted to €5.3 million, a sharp rise from the negative €4.01 million generated in 2020, but it was still significantly lower than the €10.69 million projected.

Additionally, the Group is set to publish its forecast results for 2022 by the end of July.

The Group’s global reach has now expanded to reach across four continents with operations from 12 bases, with its market position and geographic footprint now including the Mediterranean basin (Libya, Malta, Cyprus and Egypt), the Middle East (United Arab Emirates, Oman and Iraq), Sub-Saharan Africa (Mozambique, Uganda, Angola and South Africa), as well as South America (Suriname).

“These have been trying times and we thank our customers for their business, our shareholders for their support and our loyal and hardworking team for their invaluable contribution,” MedservRegis CEO Dave O’Connor said.

“Our strategic targets for 2022 are for the Company to return to pre-COVID-19 growth levels and to register profits for shareholders and at the same time, continue to instil across all operating jurisdictions, a work culture consistent to the shareholders’ values: with these being health, safety, security, environment and integrity,” he added.

MedservRegis reported that the economic environment in 2021 remained “slow and uncertain” due to the continued suspension of projects due to the pandemic, the fragmented political situation in Libya leading to the postponement of the start of new drilling activity, as well as the force-majeure announced by Total Energies at their LNG facility in northern Mozambique.

Despite this, the Group reported that economic activity in the second half of 2021 was stronger than the first six months of the same year, with this growth expected to accelerate over the course of 2022.

MedservRegis was also awarded two projects in Egypt that commenced mid-year, with these set to improve operations and contribute significantly to the Group’s results.

The Group’s Directors expect Egypt to register improved revenues and profits over the next three years.

It also reported that operations in the Middle East “continue to generate profits”, with even more growth being expected for 2022 and 2023 due to the increase in onshore wells being drilled.

MedservRegis was awarded a new contract for its subsidiary METS in the Middle East with new client Dubai Petroleum.

Increases in energy prices have also led to a surge in the business pipeline, with the driver for such growth being the significant economic development of the countries the Group operates in.

MedservRegis provides offshore logistics services and engineering for the oil and gas supply chain, while also offering equipment, procurement, and specialised services to both national and international energy companies.