Maridive and Oil Services seeks to enter new markets in the coming period after suspending its operations in Venezuela.
The company’s board of directors decided to halt operations in Venezuela starting from 29 April 2019, according to a statement to the Egyptian Exchange (EGX) on Monday.
This decision is consistent with the US sanctions against the South American country, the statement added.
The value of Maridive’s contracts, excluding Venezuela, reached $373 million for the period from 2019 to 2021. This will have a positive impact on the company’s financial results starting from 2020, the company noted.
It is noteworthy that during the first half of 2019, the company suffered net losses of $3.64 million, versus net profits of $2.002 million in the year-ago period, according to the company’s standalone financial statements.