GDI Signs Contract with Gulf Liftboat to Provide Liftboat Services for Dolphin Energy

Gulf Drilling International Limited (“GDI”), a subsidiary of Gulf International Services (“GIS”), the largest oilfield service company in Qatar, announced today that it has signed a contract with Gulf LiftBoat Pte. Ltd. (“GLB”) for the provision of liftboat services. The contract covers services that commenced in January will continue through August of 2015. The contract was signed by Mr. Ibrahim J. Al Othman, Chief Executive Officer of GDI and Mr. Hans Simons, Chairman of the Board of GLB.

The liftboat is being used by Dolphin Energy Limited ("DEL") pursuant to a contract extension recently awarded to GDI, thereby providing DEL with the continued use of the liftboat over the same period.

Ibrahim J. Al Othman, Chief Executive Officer of GDI said: "We are pleased to continue our relationship with GLB and to be using the Dixie Patriot again. GDI began using the Dixie Patriot for its first liftboat job with DEL back in 2013. GDI's relationship with GLB has endured two years and will be continuing for another eight months. GLB has stood side by side with GDI throughout the DEL contract and I am glad to say that the relationship has proved to be durable. We also appreciate the confidence that DEL has placed in GDI and are grateful for the opportunity to continue providing liftboat services to such a highly valued client." Mr. Al Othman noted that GDI now has 3 liftboats under its direction, thus, liftboats have become an important component of GDI's operational portfolio. They are a compliment to our core business of drilling he said, and represented a diversification into a business segment that broadens GDI's business footprint while enhancing its prospects for sustainable profitability.

Hans Simons, Chairman of the Board of GLB said: “GLB is thrilled to continue providing liftboat services to GDI with the Dixie Patriot. The company is grateful for the confidence that GDI has shown in GLB over the past 2 years and looks forward to building on the successful cooperation that has developed between the companies."

Liftboat services performed under this contract are providing DEL with vital support to its operations while enabling GDI to continue serving a growing business segment. The liftboat being utilized by DEL under this contract will ultimately be replaced by a new Liftboat, "Al Safliya", that GDI has ordered and is under construction at NKOM Shipyard. GDI is scheduled to take delivery of "Al Safliya" in December of 2015 and the vessel will immediately go to work for DEL under a 5 year contact that was announced.