GDI Signs an LOA with Dolphin Energy Limited for a 5 Year Contract for a Jack-up Accommodation Barge Services

Gulf Drilling International Ltd. (GDI), a subsidiary of Gulf International Services (GIS), the largest oil field service company in Qatar and Dolphin Energy Limited announced that they have signed a Letter of Award (LOA) covering the provision of Jack-up Accommodation Barge services for a long term requirement. Pursuant to the LOA, GDI will procure a new Jack-up Accommodation Barge for services that are scheduled to commence upon delivery and acceptance of the vessel in the 4th quarter of 2015. The LOA documenting the award was signed by Mr. Adel Ahmed Albuainain, General Manager, Dolphin Energy Limited and Mr. Ibrahim J. Al-Othman, Chief Executive Officer of GDI.

The new vessel will be the 3rd GDI owned Jack-up Accommodation Barge. GDI took delivery of its recent Jack-up Accommodation Barge, “Rumailah” last month and that vessel has since been placed into service for another client in Qatar. GDI also manages a Jack-up Accommodation Barge for Dolphin Energy limited.

Commenting on the signing of the LOA, Mr. Adel Ahmed Albuainain, General Manager, Dolphin Energy Limited said: “We are delighted to sign this LOA with GDI. This long term contract is an added value for both companies. In line with Dolphin Energy’s commitment to Health, Safety and Environment (HSE), this contract will minimize risk; no time lost and enhances safety for the offshore operations including shutdowns and maintenance services at DOL 1 and DOL 2. Moreover, securing the Jack-up Accommodation Barge reduces mobilization costs, eliminating procurement risk and avoiding the market rate fluctuations. We will continue to work hard to make improvements where we can and demonstrate better performance where possible.”

Ibrahim J. Al Othman, Chief Executive Officer of GDI, said: “I am pleased to have secured this significant contract with Dolphin Energy as it will broaden our business footprint and enhance our long term profitability. GDI appreciates the excellent support that Dolphin Energy has given to GDI, to utilize the new Jack-up Accommodation Barge to as a permanent solution.”

This new Jack-up Accommodation Barge will increase the number of diversified assets in GDI’s fleet to three owned and one managed. In addition to the 3 barges mentioned above, GDI also owns a Jack-up Accommodation Barge that is working for another client in Qatar. These assets complement the current 8 Jack-up rigs and 6 land rigs that GDI is carrying in its fleet for drilling rig services.