MedservRegis Chairman Anthony S. Diacono looks forward to ‘good years’ for oil and gas industry

MedservRegis Chairman Anthony S. Diacono believes the next five to eight years “should be good years” for the group, which provides logistics, engineering services and supply chain management to the onshore and offshore oil and gas industry.

In his message to stakeholders in the company’s latest financial statements, Mr Diacono said that “demand for energy is increasing year on year and investment in our sector has once again picked up to match this upturn.”

He highlighted the “careful long-term strategic management” of the group that has placed it “in the right geographical locations, with the right product at the right time.”

The group has an international presence, being active in Malta, Iraq, the United Arab Emirates, Libya, Guyana, the Caribbean and Mozambique.

“Strong performances are expected in two regions where we have a very strong presence, the Mediterranean and the Middle East,” said Mr Diacono. “These regions are the first to feel the positive effect of the resurging market. We also expect other regions we service to pick up in activity on the back of the increased investment taking place.”

The company reported positive results in 2024, more than doubling its profit before tax to €3.87 million on the back of €70 million in revenues.

The group’s revenue was derived from Integrated Logistics Support Services (ILSS) at 52 per cent, Oil Country Tubular Goods (OCTG) at 47 per cent, and Photovoltaic Income at one per cent.

“The payment of a dividend, the reduction of debt and the upturn in turnover in the second half of the year are the strongest statement we can present to justify our cautious optimism going forward,” said Mr Diacono.

“The stronger than forecasted results for the last quarter of the year under review reflects the beginning of this upturn.”