GDI Places 3RD Rig into Service For Occidental Petroleum

DOHA, QATAR - Gulf International Services (“GIS” or “the group”; QE: GISS), the largest service group in Qatar, with interests in a broad cross-section of industries, ranging from insurance, re-insurance, fund management, onshore and offshore drilling, accommodation barge, helicopter transportation, and catering services announced that Gulf Drilling International (“GDI”), a wholly-owned subsidiary of Gulf International Services (“GIS”), and Occidental Petroleum of Qatar (“Oxy”) have jointly announced that the jack-up drilling rig “Msheireb”, which was acquired by GDI earlier this year and refurbished, has been accepted by Oxy for drilling operations that are set to commence this week. “Msheireb” will be the 3rd GDI rig currently working for Oxy with the rigs “Al Rayyan” and “Al Wajba” already under contract.

Oxy’s President and General Manager Steve Kelly said:

“We are pleased to mobilize our third drilling rig provided by GDI to support Oxy’s active development program.”  He commended GDI for the excellent performance of its rigs and looked forward to continuing to enhance the mutually beneficial relationship between Oxy Qatar and GDI.  Mr. Kelly also emphasized the importance of safe operations and expressed confidence the GDI would continue to work with Oxy Qatar to maintain and enhance safety performance as the rig fleet expands.

GDI’s Chief Executive Officer, Mr. Ibrahim J. Al Othman said:

“I am pleased to have attained Oxy’s contractual acceptance of the rig and note with pride that Msheireb would be GDI’s 8th jack-up rig to go into service.” He added that with three of its eight jack-up rigs now working for Oxy, a fine working relationship has developed with Oxy, as evidenced by the Performance Recognition Award that Oxy gave GDI signifying that GDI’s safety, operational performance and equipment reliability was amongst the best of all rigs working for Oxy worldwide.

Mr. Al Othman further advised:

“The refurbishment work has been completed and the rig will mobilize on schedule. The successful on-time commencement of this five year contract, valued at approximately QR865 million, is also very welcome.”