The Maridive Oil and Services Company's standalone financial statement indicators, during the first quarter of 2022, decreased its losses by 45 percent on an annual basis.

The company achieved losses of 5.13 million dollars during the period from January to the end of March 2022, compared to losses of 9.26 million dollars in the comparable quarter of 2021.

The company's revenue rose during the first quarter of 2022 to $11.19 million, compared to revenue of $10.09 million in the comparable quarter of 2021.

The company obtained the initial approval from the creditor banks to restructure the outstanding balances of the loans granted to the company.

The company explained that the restructuring comes against the background of the exceptional circumstances that the company experienced in previous years as a result of the Covid pandemic, which caused the exit of Maridive from some contracts, in addition to the delay of some customers in paying the company receivable in the due dates, which had a negative impact on the company’s cash flows.

The company added that it is expected to complete obtaining final approval and signing contracts during the second quarter of this year.

The Ordinary General Assembly of Maridive Oil & Services Company approved the report of the Board of Directors and the external auditor's report of the company's financial statements for the past year.

The General Assembly approved the opening of a branch of the company in Saudi Arabia.

The General Assembly approved the election and formation of the Board of Directors for 3 years, starting from 2022 to 2025.

The Ordinary General Assembly of Maridive Oil & Services Company approved  the appointment of Mohamed Ashraf Makram, CEO and Managing Director

The consolidated financial statements of the Maridive & Oil Services Company - Maridive during 2021 showed a decline in its losses by 45.5% on an annual basis

The company achieved losses during the past year, amounting to 78.06 million dollars, compared to losses amounting to 143.26 million dollars in 2020.

The company's revenues fell in 2021 to 115.83 million dollars, compared to 180.53 million dollars in the previous year.

The Standalone financial statements of the Maridive & Oil Services Company - Maridive during 2021 showed a decline in its losses by 32.34% on an annual basis

The company achieved losses during the past year, amounting to 43.27 million dollars, compared to losses amounting to 63.96 million dollars in 2020.

The Board of Directors of Maridive has agreed to assign the duties of the CEO of the company to Mr. Mohammad Ashraf Makram, in addition to his duties as the Executive Vice President for Financial Affairs, to run the company’s business until final approval is issued regarding this position by the Board of Directors and the company’s general assembly.

The Board of Directors agreed to accept the resignation of Mohamed Lotfy Mohamed El-Gamal as a managing director and CEO of the company.

The Board agreed to accept the resignation of CIB from the Board of Directors.

During the nine months ending last September, the Maridive Oil & Services achieved 52% lower losses during the period from January to last September, amounting to 44.44 million dollars during the period, compared to net losses of 92.67 million dollars in the corresponding period of 2020, taking into account minority rights.

the Maridive Oil & Services consolidated revenues fell during the period to $88.8 million, compared to $145.95 million in the comparable period last year.

Maridive & Oil Services reports a 17% lower loss amounted to $26.23 million, compared to losses of $31.57 million in 2021.

• The consolidated net losses of $32.28 million in the first half (H1) of 2021, down by 34% year-on-year (YoY) from $48.62 million, including minority shareholders' rights.

• The initial talks for the sale of its subsidiary Maridive Offshore Projects to Al Subeai Investment Group have ended without reaching a satisfactory agreement

In February, the board of directors of Maridive had given the initial nod for an acquisition offer for 100% of its subsidiary Maridive Offshore Projects for $48 million.

• The company reported consolidated net losses of $19.8 million during the first quarter (Q1) of 2021, down by 30% year-on-year (YoY) from $28.3 million.
• The revenues slumped to $37.7 million in the January-March period, compared to $65.16 million in the corresponding period a year earlier

The board of directors of Maridive and Oil Services approved an acquisition offer for 100% of its subsidiary Maridive Offshore Projects for $48 million.

The board accepted the resignation of

1. Mr. Mohamed Osman (deputy CEO and manager of Maridive Abu Dhabi)

The board accepted the retirement of

1.  Mr. Ashraf Amin Hilal chief financial officer (CFO) at Maridive Abu Dhabi. 

The board also approved the appointment

1. Mr. Ehab Geneid as the manager of Maridive Abu Dhabi
2. Mr. Amr Abdel Latif as the CFO at Maridive Abu Dhabi.

Maridive and Oil Services received a binding offer from Al Subeai Investment Group for the acquisition of its 99.98%-owned subsidiary Maridive Offshore Projects for $48 million.

The reasons behind the increase of the consolidated net losses by more than $70 million year-on-year (YoY) during the first nine months of 2020.  

The halt of the project in India due to the coronavirus (COVID-19) pandemic resulted in losses of over $42 million as the company continued to incur operating expenses for more than two months without any revenue.

In addition, more than $9 million was allocated as a provision for impairment in customer relationships and $18 million for impairment provision of one of its assets held by Valentine Maritime.

The Board of Directors approved the decision to stop work on all contracts concluded in the State of Venezuela, as of April 29, 2019. The company indicated that this comes in compliance with the US sanctions on the Venezuelan government and the difficulty of insuring workers and marine units against the dangers of war.

The European Bank for Reconstruction and Development (EBRD) approved   a medium -term loan up to $50 million following a syndicated loan granted by local and regional banks managed by ADIB UAE -  in January 2016.

Mrs.Shahira Zeidis is one of the most powerful Arab Businesswomen in 2016.

Mrs.Shahira Zeid is Vice President for Maridive & Oil Services, Chairman & Managing Director for Maritide Offshore Oil Services & Maridive Offshore Projects.

22-8-2016 Maridive booked a standalone profits of 4.3 m US$ IN H1-2016.

31-8-2016 Maridive booked a consolidated profits of 9 m US$ IN H1-2016.

• Quality Management System according to ISO 9001:2015,

• Environmental Management System according to ISO 14001: 2004,

• Occupational Health & Safety Management System according to OHSAS 18001:2007.

And in this regard Maridive has signed a contract with Haztek consultancy in London to develop its QHSSE system to be an integrated management system (IMS) which will start in November 2014 for about of one year.

In June 2013, Dr Tarek Nadim became Chairman and Managing Director of Maridive after Captain Issa Eleish had passed away. During the past period, the Board elected new members to reflect diversity and initiated steps of the corporate governance strategy. A re-configeration of the organization chart is in progress. along with a study to create new committees to guide the company.in the most efficient way.

Second line management has been initiated and ongoing training has been implemented.

• Quality Management System according to ISO 9001:2015.

• Environmental Management System according to ISO 14001: 2004.

• Occupational Health & Safety Management System according to OHSAS 18001:2007.

MOC 2014 will be held on Alexandria , Egypt on 9 - 11 December 2014.

MOC 2014 is organized by the Egyptian Petroleum Sector in Partnership with International Exhibition Services - IES & Offshore Mediterranean Conference ( OMC ) under the high Patronage of the Ministry of Petroleum.For more information please visit www.moc-egypt.com

Looking forward to seeing you at our booth ( Exhibition booth 19 B ).