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Medserv's Financial Highlights 2009 and Operations 2010

This document highlights Medserv p.l.c.'s financial performance in 2009 and discusses their operational plans for 2010, including expansion into new markets.

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Medserv's Financial Highlights 2009 and Operations 2010

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  1. Medserv p.l.c. 15 April 2010

  2. Medserv p.l.c AGENDA • Introduction • Financial Highlights 2009 • Operations 2010 • Financial Forecasts 2010 • Conclusion 2

  3. Medserv p.l.c OPENING STATEMENT 2009 • A challenging year for all business including the oil & gas industry • Record profits before tax • Cash profits • Diversification of revenue stream • Misurata base contributed 31% to the owners of the Company • Efforts to enter new markets including Egypt and Italy 3

  4. Medserv p.l.c FINANCIAL HIGHLIGHTS 2009 Consolidated Statement of Comprehensive Income 4

  5. Medserv p.l.c FINANCIAL HIGHLIGHTS 2009 Segmental Reporting Significant profit margin improvements in both reporting segments. 5

  6. Medserv p.l.c FINANCIAL HIGHLIGHTS 2009 Revenue Streams........... Malta 6

  7. Medserv p.l.c FINANCIAL HIGHLIGHTS 2009 Revenue Streams........... Libya 7

  8. Medserv p.l.c FINANCIAL HIGHLIGHTS 2009 Consolidated Operating Cash Flows Operating funds used in • Acquisition of property , plant and equipment amounted to €1,030,105 (2008: €803,411) • Repayment of bank loans €509,298 (2008: €556,787) • Dividends payment €390,000 (2008: nil) Cash generated from operations in 2009 was more than double that generated in previous year 8

  9. Medserv p.l.c FINANCIAL HIGHLIGHTS 2009 Consolidated Statement of Position 9

  10. Medserv p.l.c FINANCIAL HIGHLIGHTS 2009 Working Capital Position • The Group ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 60 days, including the servicing of financial obligations. • During the year the Company increased its bank overdraft facility from €745,500 to €1,500,000 in order to fuel working capital requirements 10

  11. Medserv p.l.c OPERATIONS 2010 • Re-organize for resilience Malta • Business changing from one associated with supporting drilling operations to servicing rig owners and projects linked to platforms, or platform regeneration or installation. • Work schedule includes mobilisation of African Installer barge , Ensco rig, MG Hulme and Songa Saturn. • Supporting drilling operations for a multinational oil & gas company, which is expected to commence in the last quarter of 2010. 11

  12. Medserv p.l.c OPERATIONS 2010 Misurata, Libya • Handling all BP tubular operations within the port of Misurata • Contracted by Exxon to carry out all mud cleaning and disposal operations • Gazprom drilling programme of 5 offshore wells is expected to commence in mid-2010. Minimum of 10 month operation. 12

  13. Medserv p.l.c OPERATIONS 2010 NEW Markets All expansion plans are client oriented • Egypt Partner identified Oil and gas is currently a bear market • Tunisia • Sicily, Italy 13

  14. Medserv p.l.c Conclusion Stocktaking 2010 • The global economy is expected to start showing signs of recovery in 2010. • Demand for oil and gas will increase and push up the price. Already at over $ 85 a barrel. • This will once again set in motion exploration activity. • Medserv will continue to invest in people to make sure we may meet the expected rise in business. • We will continue to work on attracting rigs and barges to our specialised facilities. • We will continue to work on new development of new markets. • We will continue with our aggressive but cautious approach. • We are cautiously optimistic on the outlook for 2010. 14

  15. Medserv p.l.c Contact Information Karl Bartolo Telephone number: 2220 2314 Email address: kbartolo@medservmalta.com Godwin Borg Telephone number: 2220 2306 Email address: gaborg@medservmalta.com 15

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