Fossil fuel, especially gas, ‘by far the most reliable energy source’ – MedservRegis Chairman

A resurgent global economy and the disruption of traditional east-to-west fuel flows has led oil and gas companies to increase their production capacity rapidly and increase their investments in exploration activity, according to Anthony S. Diacono, Chairman of MedservRegis, whose offshore logistics services are well positioned to capitalise on the development.

In a message to market included in the company’s annual report and financial results for 2022, Mr Diacono said that the group has “responded well to this new demand”, with stalled operations being reactivated through existing contracts and completely new business being secured.

“This upturn in demand for fossil fuel, especially gas, is expected to continue in the medium to long term as it is by far the most reliable energy source needed to drive the economy,” he writes, adding that the group is “also excited” about the increased investment being made by its core clients in alternate sustainable sources of energy.

“Our group is well placed to service these new operations going forward.”

The global economy’s return to business following the pandemic disruption is responsible for a “sustained increase in demand for energy to fuel the increase in economic activity,” says Mr Diacono, who credits the management team for preparing MedservRegis to “react in a timely manner to offer clients the urgent support needed in their renewed operations”.

The Chairman oversaw a major merger between Medserv and Regis in 2021, with the first half of 2022 being descriebd as a period of consolidation.

“The group successfully completed the integration of the two companies, restructured the management team as well as put in place new financing arrangements, creating a dynamic and financially sound group with an extended geographically reach especially in the emerging markets.”

“At the same time new operational plans were introduced to maximise our preparedness for the anticipated business growth in the second half of 2022.”

The year ended with improved results, which Mr Diacono acknowledged as “a clear sign that the strategic decisions taken by the Board of Directors and executive management team have made it possible for our group to return to financial positive territory.”