GDI Inaugurates "Al Jassra" Drilling Rig

April 2013 - His Excellency Dr. Mohammed Bin Saleh Al Sada, Minister of Energy and Industry, Chairman and Managing Director of Qatar Petroleum and Gulf International Services (GIS), inaugurated one of the most technologically advanced offshore drilling rigs to ever work in the State of Qatar.

The inauguration ceremony took place at PPL's shipyard in Singapore and was attended by senior executives from Gulf Drilling International (GDI) and Singaporean officials. The new drilling rig, named "Al Jassra", has been designed to the highest standards. It will be moved to Qatar and commence working in the Al Shaheen offshore field by mid-2013 pursuant to a contract that GDI has entered into with Maersk Oil Qatar.

On the occasion, His Excellency Dr. Al Sada said: "Under the enlightened guidance of His Highness the Emir, Sheikh Hamad Bin Khalifa Al Thani, Qatar is witnessing unprecedented growth at all levels, especially in the oil and gas sector. Building and launching this state-of-the-art drilling rig embodies Qatar's growth and development. GDI has taken major steps to keep pace with the rising demand for more oil and gas wells, making it the leading provider of drilling services in Qatar."

His Excellency Dr. Al Sada thanked the Company's management and its employees for their substantial efforts to help realize GDI's vision to expand and capitalize on Qatar's vigorous economic growth. "We expect GDI's expansion plans to contribute significantly to the increased revenues of GIS, whose shares are traded on the Qatar Exchange, thereby adding more value to its shareholders", said Dr. Al Sada.

Mr. Saad Sherida Al-Kaabi, GDI's Chairman, expressed immense satisfaction with the Company's milestone success: "Without a doubt, this achievement exemplifies the ambitious expansion plans of GDI. Receiving this new drilling rig is a major step forward in that plan. Al Jassra is an extremely valuable addition to our fleet of offshore rigs."

"I am very proud of this remarkable accomplishment which would not have been possible without the constant support of His Excellency Dr. Mohammed Bin Saleh Al Sada, Minister of Energy and Industry, Chairman and Managing Director of Qatar Petroleum, and the tireless efforts of our management and employees at GDI", added Mr. Al-Kaabi.

GDI's CEO Mr. Ibrahim Jassim Al Othman said: "The inauguration of the Al Jassra drilling rig allows us to show our appreciation for this great achievement, before we embark on our next challenge, which is to commence drilling operations in Qatar. I would like to take this opportunity to express my gratitude and thanks to the staff of GDI and PPL Shipyard who made this feat possible. We are grateful for their considerable contributions and extremely pleased with the final result."

"I am very proud of this achievement which would not have been possible without the guidance of His Excellency Dr. Mohammed Bin Saleh Al Sada, Minister of Energy and Industry, Chairman and Managing Director of Qatar Petroleum; and GDI's Chairman and Board Members. I am also very happy with the performance of GDI's project teams for their dedication and devotion to help realize the company's vision to be a leading provider of drilling services, in addition to strengthening its cooperation with other companies in the industry", added Mr. Al Othman.

It is worth mentioning that the BMC375 Pacific Class rig was designed and built at PPL's shipyard. It is the third new offshore rig being built for GDI in the last six years. It will be equipped with a 75-foot cantilever and can accommodate 150 workers. This rig has been constructed to provide exceptional drilling services for Maersk Oil Qatar over the next four years, with options to extend for up to 2 more years.

Al Jassra is the first of three new offshore rigs being built for GDI. Receiving this new rig supports the Company's growth plan, which aims to add 4 new rigs to its fleet (comprising of 3 offshore drilling rigs and an accommodation jack-up barge) by the end of 2014. Once completed, GDI will have 8 offshore drilling rigs including 5 hi-spec, premium rigs in its fleet, not only making it a leading provider of drilling rig services, but also a leading provider of accommodation barges and lift boat services.