GDI awarded a new contract by QP Valued at QR1.2Billion to Supply a 4th Jack-up Rig

Gulf Drilling International Limited (“GDI”), a subsidiary of Gulf International Services (“GIS”), the largest oilfield service company in Qatar, announced that they have been awarded a new contract by Qatar Petroleum for a new hi-spec premium jack-up rig starting in the 2nd quarter in 2016.  This brand new rig, recently named “Halul”, will become the 4th jack-up rig in GDI’s fleet to be under contract to QP, for an initial term of 5 years and having an estimated contract value of QR1.2 Billion.  The other three jack-up rigs that are under contract to QP are “Al Doha”, “Al Zubarah” and “Dukhan”. GDI has identified a renowned international shipyard with a rig suitable to QP which will be delivered within the specified time frame and is in the process of finalizing its order.

GDI’s Chief Executive Officer, Mr. Ibrahim J. Al Othman said: “GDI is pleased to have received this important award from QP which will be starting work mid 2016.  This new business will support our growth plan in 2016, which will in turn support our long term revenue growth.”

“GDI’s favorable reputation has been earned over time through the strong partnerships that have been forged with all our clients, where flexibility to customize our services to meet the client’s specific requirements has always been emphasized. I must also mention my appreciation and thanks to H.E. Dr. Mohamed Bin Saleh Al-Sada, Minister of Energy and Industry, QP Chairman and Managing Director, for his continuous support to GDI and the respective departments of QP. My thanks also go to GDI Board of Directors for their guidance and support” Mr. Al Othman added.

The key features of the new rig will be a 1.5 million pound derrick, 150 man accommodation, 75 foot cantilever outreach, 7,500 horse power mud pumps and other customizations required by QP.

Adding another state of the art rig to GDI’s fleet will serve the dual purpose of raising the Company’s technical capabilities while reducing the average age of its fleet. GDI’s versatility will also be enhanced with four of its six cyber rigs capable of operating anywhere within the offshore areas of the State of Qatar.