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End of TOTALEnergies Contract

Latest Update
Contract Update

Unable to find an agreement with NOC on NW Exploration offshore field, TOTALEnergies withdrew from Zarzis Base. GPS International acted since 2009 as Integrated Logistics Provider for TOTALEnergies for all exploration activities offshore Libya.

Key Partnership Highlights

  • Duration: 14+ years of successful partnership (2009-2023)
  • Role: Exclusive Integrated Logistics Provider for offshore exploration
  • Operations: Managed Zarzis Supply Base operations
  • Scope: Comprehensive logistics support for all offshore activities
  • Status: Contract concluded with full operational success

Board Meeting: 2022 Fiscal Exercise

September 11, 2023
Financial Update

The Board meeting for the fiscal year 2022 was held on September 11, 2023. The board agreed on strategic cost-cutting measures following the conclusion of the TOTALEnergies contract and decided to call for the shareholders meeting on October 25, 2023.

Strategic Decisions

  • Meeting Date: September 11, 2023
  • Focus Area: 2022 Fiscal Year Performance Review
  • Key Decision: Implementation of strategic cost optimization measures
  • Action Plan: Shareholders meeting scheduled for October 25, 2023
  • Objective: Ensure long-term financial sustainability and growth

Shareholders Meeting: 2022 Fiscal Exercise

October 25, 2023
Corporate Governance

The Shareholders meeting for the fiscal year 2022 was held on October 25, 2023. Shareholders were comprehensively briefed on the company's strategic response to the conclusion of the TOTALEnergies contract, including detailed cost optimization measures.

Meeting Outcomes

  • Date: October 25, 2023 - Full shareholder participation
  • Discussion: Financial performance and strategic direction
  • Decision: No dividends distributed for 2022 fiscal year
  • Strategy: Earnings retention for future strategic initiatives
  • Focus: Reinvestment in growth opportunities and stability

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