Gdi Diversifies into new Business Segment. Signs Contract with Dolphin Energy to Provide Lift Boat Services

Gdi Diversifies into new Business Segment. Signs Contract with Dolphin Energy to Provide Lift Boat Services

20-11-2012

Gulf Drilling International Limited (Q.S.C.) (“GDI”) announced the signing of a contract valued at an estimated US$34 million to provide Lift Boat Services to Dolphin Energy Limited over a sixteen month period. The self propelled jack-up unit will provide accommodation, maintenance and platform support to Dolphin’s DOL 1 and DOL 2 platforms. The vessel is scheduled to start operations in January of 2013 and will continue under the primary term of the contract through April of 2014. Dolphin has the option to extend the term of this contract for up to eight additional months.

The contract was signed by Dolphin Energy’s General Manager Mr. Adel Albuainain and Gulf Drilling International’s Chief Executive Officer Mr. Ibrahim J. Al-Othman.

After pursuing this complimentary line of business for several years, GDI is pleased to have secured its first Lift Boat contract. The Lift Boat sector in Qatar is still in its infancy but the demand for these specialized services is expected to grow as the benefits derived from their usage become more widespread. GDI aims to be the premier provider of Lift Boat services in Qatar, hence, the Dolphin contract is viewed as a significant milestone for GDI and a stepping stone for future Lift Boat business. GDI is already looking for opportunities to lease additional Lift Boat vessels to meet the growing demand for these services.

Mr. Albuainain said: “We would like to congratulate GDI for being appointed and look forward to working with the team to implement the scope of work.”

GDI Chief Executive Officer, Mr. Ibrahim J. Al-Othman said: “GDI is pleased to have signed its first Lift Boat Services contract with Dolphin and to continue the momentum that has been established for the further expansion of GDI’s business. The Lift Boat segment is one that we have been seeking to develop for several years and it is exciting news to have achieved this breakthrough. We welcome the opportunity to work with a prestigious customer like Dolphin Energy and look forward to having a long and mutually successful association with them.

While in the process of expanding its drilling fleet through the addition of three new built jack-up rigs and two new built land rigs, GDI also added a Jack-up Accommodation Barge to its portfolio. A multiyear contract valued at an estimated US$82 million to provide Jack-up Accommodation Barge services for another operator in Qatar was concluded earlier this year and GDI is hopeful of adding more Jack-up Accommodation Barges to its fleet in order to keep pace with the growing demand that is seen for these services.

About Gulf Drilling International Ltd. (Q.S.C)

GDI is a subsidiary of Gulf International Services (Q.S.C.) (“GIS”), a listed company on the Qatar Stock Exchange. Formed in 2004, GDI currently has a total of ten (10) rigs, all located in Qatar, consisting of 5 offshore Jack-Up rigs, 4 onshore land rigs and 1 jack-up Accommodation Unit.

About Dolphin Energy

Dolphin Energy Limited was created to develop substantial energy projects throughout the GCC and to create long-term economic wealth and new business opportunities for GCC citizens, far into the future.

Dolphin Energy’s major strategic initiative, the Dolphin Project, involves the production and processing of natural gas from Qatar’s North Field, and transportation of the dry gas by sub-sea export pipeline from Qatar to the UAE, which began in July 2007.

The long term customers for Dolphin gas from Qatar are ADWEC (Abu Dhabi Water & Electricity Company), DUSUP (Dubai Supply Authority) and OOC (Oman Oil Company). Each has signed a gas supply agreement with Dolphin Energy for 25 years.

Dolphin Energy is owned 51 percent by Mubadala Development Company, on behalf of the Government of Abu Dhabi – and 24.5 percent each by Total of France and Occidental Petroleum of the USA. Detailed information about Dolphin Energy can be found on: www.dolphinenergy.com

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