Contract extension announced
Malta-based oil and gas logistics firm Medserv and Italian oil company Eni have activated a contract extension which will ensure the Maltese company continues to provide operational base support services for Eni Cyprus Ltd for another two years.
The deal, inked with Medserv (Cyprus) Ltd, includes the provision of dedicated facilities and services in the port of Limassol whilst still maintaining the base facilities in Larnaca port.
The two companies had first signed a three-year deal in June 2014, with the contract allowing for a two-year extension. Medserv (Cyprus) Ltd was set up in 2011 to provide logistics and support facilities for the oil and gas sector in the eastern Mediterranean basin.
In a statement announcing the deal, Medserv said it has secured the areas in the Limassol port and is in the process of setting up the facility to meet the stipulated timelines for the upcoming exploratory drilling programme.
During the past two years Eni has increased its exploration portfolio in the eastern Mediterranean. Drilling activity is expected to begin in the 4th quarter of this year.