GDI Places Order for a New Jack-Up Rig for Delivery in 2013

GDI Places Order for a New Jack-Up Rig for Delivery in 2013

05-04-2012

DOHA, QATAR - GDI announced today that they have placed an order for a Pacific Class 400 jack-up drilling rig with PPL Shipyard PTE LTD (“PPL”) for delivery in March of 2013. This marks the 3rd new build jack-up rig that GDI has ordered in the last 12 months. The contract was signed by GDI Chief Executive Officer, Mr. Ibrahim J. Al-Othman and Mr. Douglas Tan, Managing Director of PPL Shipyard. The rig will come with accommodation for 150 persons, have a 75’ cantilever outreach and be able to operate in water depths of up to 400 feet. On delivery, this jack-up rig will be the most technologically advanced drilling rig operating in Qatar. The total cost to place this rig into service is estimated at $250 Million (QR. 910 Million).

The order with PPL marks one more segment of a US$875 million business expansion plan that will result in GDI adding three new jack-up drilling rigs, two land rigs and two jack-up accommodation barges to its fleet over the next three years.

GDI’s CEO, Ibrahim J. Al-Othman said: “We are pleased to be placing this order with PPL. We are most familiar with the PPL rig designs and consider them to be very suitable for the requirements of our clients here in Qatar. PPL is well known as a high quality rig builder and we are pleased to have placed our first order with them. I look forward to adding this high-spec premium rig to our fleet and I am confident that this rig will perform to our clients’ satisfaction.

By 2014, GDI will have eight offshore rigs in service, with five being of the ultra modern cyber variety, and six land rigs. Based on current rig counts, GDI’s share of the Qatar offshore market will exceed 50% while its share of the onshore fleet will remain at 100%. GDI is therefore well on its way to becoming the premier provider of drilling rig and associated services in Qatar.

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