GDI Expanded Investment in Land Rigs Operations by ordering two land rigs order from LANCO

GDI Expanded Investment in Land Rigs Operations by ordering two land rigs order from LANCO

26-01-2012

DOHA, QATAR – Gulf Drilling International Q.S.C (“GDI”) has placed an order for two land rigs (GDI-5 and GDI-6) from Lanco Well Services, Inc. (“Lanco”), a rig builder based in Victoria, Texas. The agreement was signed by Mr. Ibrahim Jassim Al–Othman, the CEO of GDI and Mr. Tim Lanco, Chairman of Lanco Well Services Inc.

The delivery dates for these new built rigs are set for the third and fourth quarters of 2012. These mark the second and third rigs that Lanco has built for GDI. The first Lanco rig (GDI-3) was built and delivered in 2008. When this new order is filled, GDI’s land rig fleet will increase from four to six rigs with all six rigs operating in the State of Qatar under contracts with Qatar Petroleum.

The two new Lanco rigs will add even further to the quality of service that GDI is providing to Qatar Petroleum’s onshore operations, which has been a major objective of GDI.

GDI has made several investments to expand and upgrade its land operations based in Dukhan. Including these two new land rigs, a total of QR 135 million will have been spent on additional equipment, offices, accommodations, warehouses and workshop facilities. As a result, GDI’s performance as a quality provider of drilling rig services has improved significantly.

Saad Sherida Al- Kaabi, Chairman of GDI said, “I am pleased with the progress that has been made in the company’s land operations and I credit the success largely to the continued support and guidance of H.E. Dr. Mohammed Bin Saleh Al-Sada, Minister of Energy and Industry, Chairman and Managing Director of Qatar Petroleum and Gulf International Services. GDI remains dedicated to the task of delivering world class drilling rig services for all of our clients, both onshore and offshore.  Our success has been in large part due to the dedication and hard work of our management team and employees”.

Ibrahim J. Al-Othman, GDI’s CEO said, "We are proud and honored of the trust that Qatar Petroleum puts in us. The two new land rigs marked the final component of the Company’s business expansion, which also includes the acquisition of two new build jack-up offshore rigs and a refurbished jack-up accommodation barge. We are looking forward with great anticipation to the day when all of these assets are placed into operation”.

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