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News

Maridive & Oil Services reports 45% lower loss in Q1 2022 - Standalone

15 June 2022

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.

Initial approval from creditor banks to structure the company's loans

27 April 2022

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.

Maridive General Assembly approves business results

18 April 2022

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.

Maridive General Assembly approves open branch in KSA

18 April 2022

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

Maridive General Assembly approved the election and formation of the Board of Directors

18 April 2022

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

Maridive General Assembly approved the appointment of CEO and Managing Director

18 April 2022

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

 

Maridive & Oil Services reports 46% lower loss in 2021 - Consolidated

22 March 2022

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.

Maridive & Oil Services reports 32% lower loss in 2021 - Standalone

22 March 2022

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.

 

Maridive assigns the duties of the CEO of the company to Mr. Mohammad Makram

30 November 2021

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.

Resignation of CIB from the Board of Directors

30 November 2021

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

Maridive & Oil Services reports 52% lower loss in Q3-21 - Consolidated

30 November 2021

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 17% lower loss in Q3-21 - Standalone

30 November 2021

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

Maridive & Oil Services posts 34% profit drop in H1-21

16 August 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.

No deal reached with Al Subeai on subsidiary sale

6 July 2021
  • 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.

Maridive & Oil Services reports 30% lower loss in Q1-21

30 June 2021
  • 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

 

Ever Given crisis

31 March 2021

"Maridive took an immediate decision to mobilize Maridive 703 once being informed of the Ever Given crisis. This is a national call of duty and we were honored to participate in it, as Maridive will never hesitate to utilize its expertise of over 40 years in servicing the Egyptian state."

Shahira Zeid, Chairman of Maridive Group Board of Directors

Maridive's board accepts $48m acquisition offer for subsidiary

15 February 2021

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

Change in Maridive Abu Dhabi management

15 February 2021

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 receives $48m acquisition offer for subsidiary

11 February 2021

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.

Maridive reveals reasons behind loss increase

30 December 2020

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.

Force majeure in Venezuela

29 April 2019

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.

European Bank

20 October 2016

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.

Forbes Middle East: Mrs.Shahira Zeid

23 September 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.

 

 

First Half Results

31 August 2016

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.

Maridive booked a standalone profit of 7.8 m $ & a consolidated loss of 23.4 m $ in 2015.

23 March 2016

Maridive is attending CI Capital`s third annual conference Cairo , Egypt 2015 from 11st January 2015 till 12nd January 2015.

1 January 2015

Maridive booked a standalone profit of 15.3 m $ & a consolidated profit of 11.1 m $ during 9m-2014 representing an increase of 454 % & 77 % respectively

3 December 2014

Maridive is going to develop its management system in order to comply with the following (QHSSE) standards:-

20 October 2014

• 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.

OSV Segment launched the new MPSV ( Maridive 235 ).

28 September 2014
Maridive 235 will meet highest standards of her category with a 100 ton AHC Crane, helideck, moon pool, 4 points mooring and 150 persons luxurious accommodation.

Maridive signed a syndicated loan through Abu Dhabi Islamic bank amounting 25 m US$

19 August 2014

M/V Maridive 9 finished her dry dock maintenance

12 August 2014

OSV Segment has been awarded a new contract amounting 4 m US$ in Egypt starting August 2014 with Abu Qir Petroleum Co.

5 August 2014

M/V Maridive 86 started a 10 days towage operation for Suez Oil Company ( Suco) - EGYPT

20 July 2014

Increasing in Fuel Prices in Egypt has no impact to our COGS as we buy Fuel for Marine units at the international price.However, if the marine unit is hired, the Client bears all the Fuel costs.

OSV Segment has contracted to build a new MPSV Vessel ( Maridive 235 ), to be delivered on Q4-2014

OSV Segment has been awarded a new contract amounting 26 m US$ with Petrobel ( Egypt ) for 2 years starting end of 2014

Maridive announces Q1-2014 Results (dated 5th June 2014)

OSV Segment has been awarded a contract extension for 2 years worth 44 m US$ with PDVSA Venezuela starting 2Q-2014.

ExxonMobil Nigeria West Africa awarded OSV a contract for 5 year with total value of 185 Millions US$ starting Second quarter 2014.

Maridive & Oil Services announced increasing issued capital from 143 360 000 $ to 163 840 000 US$. The additional 20 480 000 US$ increase will be financed from 2011 profits and divided into 51 200 000

These stock dividends will be distributed as one share per every 7 shares to shareholders of Wednesday 19/3/2014 & will be settled starting on Thursday 20 March 2014 through Misr for Clearing, Settlem

Maridive 603 was converted from a PSV to an MPSV.

Maridive7000, new build Tug - 7000 BHP, delivered in January 2014 from shipyard in China, now on route for a 5 years contract with Saudi ARAMCO.

AHTS Maridive 233 - 6000 BHP – DPII – FiFi 1 delivered from shipyard in January 2014 and sailing to Arabian Gulf for trading in Middle East. Maridive 233 is the six vessel in the 6000 BHP series.

Suez Oil Company “Suco” awarded “ Maridive Offshore Projects” the works for laying of 11 KV submarine cable at Ras Budran Field.

Suez Oil Company “Suco” awarded “Maridive Offshore Projects” the works for transportation of RB submarine cable drum.

Changes at the top

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.

Fleet Expansion

As for our fleet, it has been upgraded with three new vessels that have been added in 2013 to meet new market demands.

Maridive attending The 4th EFG-Hermes Conference in London 15 September -17 September.

OCS Segment has been awarded a new contract with ONGC-India amounting 215 m$

Maridive books a net profit of 9.8 m$ ( standalone) & 6 m$ ( Consolidated )in H1-2014

Maridive started applying Haztek developing program on our management system in order to comply with the following (QHSSE) standards:-

• 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.

Maridive Group attending the 7th Mediterranean Offshore Conference & Exhibition - (MOC 2014).

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 ).