GDI agreement to purchase Vicksburg jack-up rig

DOHA, QATAR - Gulf Drilling International Ltd (Q.S.C.) announced today that it has entered into a definitive agreement for the purchase of a standard jack-up drilling unit, the Vicksburg. The closing of the sale is expected to occur in early 2014. The transaction is subject to customary closing conditions.

GDI will mobilize the Rig to Qatar via dry tow vessel. The Rig will undergo refurbishment and upgrade in a shipyard before starting drilling operations in the 2nd quarter of 2014. GDI holds an LOI from a major Oil Company operating in Qatar.

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

Established in May 2004 as the first offshore and onshore drilling service provider in Qatar, Gulf Drilling International Ltd. (GDI) specializes in the provision of contract land and offshore drilling and associated services to oil and gas exploration and production companies.

GDI is a growth-oriented company. In less than 9 years, GDI has accumulated twelve rigs, consisting of 6 offshore jack-up rigs, 1 offshore accommodation jack-up barge and 6 Land rigs and a Lift Boat that GDI is presently operating on behalf of its owner. In addition, two brand new hi-spec premium offshore jack-up rigs the ‘B-341’ and DUKHAN are to be put into operation.

GDI took delivery of the ‘B-341’ in September from the Keppel Fels shipyard in Singapore. This is the second of three high specification offshore drilling rigs ordered by GDI over the past two years. The first one “Al Jassra” is already working in Qatar and the third rig ‘Dukhan’, is expected to arrive in Qatar in the fourth quarter of 2014.

GDI is in the process of acquiring two new Lift Boats to feed these new services into the Qatari upstream market. We are in a strong position after the initial success with accommodation services and a Lift Boat to expand on the strength of the relationships built and performance delivered

GDI has thus far operated exclusively in Qatar and currently holds nearly 50% of the offshore rig market and 100% of the onshore rig market.