GDI Jack-up Rig to Continue Working for Oxy Qatar

GDI Jack-up Rig to Continue Working for Oxy Qatar

10-10-2012

DOHA, QATAR – GDI Gulf Drilling International Limited (Q.S.C.) (“GDI”) announced that they have entered into a new two year contract to continue providing offshore drilling rig services to Occidental Petroleum of Qatar Ltd. (“Oxy Qatar”) using their Al-Wajba (Gulf-3) Drilling Rig. The contract was signed by Stephen A. Kelly, Oxy Qatar’s President and General Manager, and Ibrahim J. Al-Othman, GDI’s Chief Executive Officer. The new contract marks the third 2-year contract in succession for this rig that GDI has secured exclusively with Oxy Qatar since 2008.

The Al-Wajba (Gulf-3) has been a major contributor to Oxy’s MFP fast track field development program and will be deployed under the new contract in support of their Idd El Shargi development. The rig has consistently exceeded the Key Performance Indices (KPI’s) that Oxy Qatar has set and has helped foster the solid relationship that both parties now enjoy. GDI is very proud and most grateful for this successful association.

GDI’s CEO, Ibrahim J. Al-Othman said:

“I am pleased to have the Al-Wajba continues serving the needs of Oxy Qatar and it gives me great pleasure to reaffirm our strong relationship with them. The synergy that has been established between our respective companies falls right in line with what GDI hopes to accomplish with all of our clients. I wish to thank Oxy Qatar for allowing us to be a major stakeholder in their development work. We intend to build upon the success that we have found with Oxy Qatar for future upstream developments that are on the horizon in the State of Qatar. I would also like to thank our Board of Directors and shareholders for their continued support of our business and professional objectives.”

Oxy’s President and General Manager Stephen A. Kelly said:

“OXY has been working very effectively with GDI for the past four years.  We have developed a strong relationship aligned in areas important to both our Companies:  the safety and well-being of our respective employees and sub-contractors, protection of the environment in which we operate, and improvements in drilling performance.  We look forward to continuing our partnership with GDI as we embark on the next phase of development.”

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