GDI Signs Up Rig with Oxy Qatar

GDI Signs Up Rig with Oxy Qatar

31-03-2011

Gulf Drilling International Limited (Q.S.C.) (“GDI”) announced today that they have signed a contract to provide drilling rig services to Occidental Petroleum of Qatar Ltd. (“Oxy Qatar”) using their Al-Rayyan (Gulf-2) Drilling Rig. The contract was signed by Timothy Borgerding, Oxy Qatar’s President and General Manager, and Ibrahim J. Al-Othman, GDI’s Chief Executive Officer. The rig is now contracted for two years (commencing 23rd March 2011).  

In the last year, GDI have invested in the refurbishment and upgrade of Al-Rayyan (Gulf-2) to ensure that it is fully suitable for the market’s drilling requirements. GDI is confident that this investment will be profitable. The rig will have specifications aligned to International Standards, making it very competitive. GDI’s contract with Oxy Qatar, a wholly owned subsidiary of Occidental Petroleum Corporation, provides an opportunity for GDI to demonstrate its ability to perform at world class levels.

GDI have built a strong relationship with Oxy Qatar over the past three years through the successful performance of its Rig Al-Wajbah (Gulf-3). That positive experience has led to the acceptance of a second GDI Rig for Oxy Qatar’s operations. The rig will work in the Idd Al-Sharqi North & South Domes and Al-Rayyan fields together with the Al-Wajbah (Gulf-3). 
About Gulf Drilling International Ltd (Q.S.C)
GDI is a subsidiary of Gulf International Services (Q.S.C.) (“GIS”), a holding company listed on the Qatar Stock Exchange. Formed in 2004, GDI has a fleet of nine (9) drilling rigs, all located in Qatar, consisting of 5 offshore Jack-up rigs and 4 onshore rigs.

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