GDI takes possession of its 8th jack-up drilling rig

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 confirmed the completion of the acquisition by its drilling joint venture, Gulf Drilling International (“GDI”), of its eighth jack-up drilling rig, and its imminent mobilisation to Qatar.  The rig has been named Msheireb after a district in the heart of Doha.

The rig is being towed to Qatar where she will be prepared with upgrades to provide smooth and seamless duty to its client, Oxy, at the NKOM shipyard.  A five year contract for this rig was signed earlier at a total value of QR 865 million, and GDI looks forward to many years of quality service to its valued clients with this rig.

GDI’s Chief Executive Officer, Mr. Ibrahim J. Al Othman, said: “We are pleased to be receiving the first of two new rigs expected this year.  The rig will undergo upgrade work in a shipyard as part of its mobilisation to incorporate client requested equipment and features.  GDI’s staff and crew have worked hard to enable the smooth transfer of this additional asset.  This is another step in our expansion plan to grow our rig fleet and our client portfolio.”