DOHA, QATAR - Gulf Drilling International Limited QSC (GDI), a subsidiary of Gulf International Services and the main provider of oilfield service in Qatar, has recently signed a US$ 925 million (QR 3.4 billion) structured Shari’a compliant financing facility with Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank. This new facility will be used to re-organize the Company’s debts and further enhance its operational and financial performance. GDI and QIB have successfully developed an innovative financing structure that fulfills the Company’s requirements.
Mr. Mubarak Awaida Al-Hajri, Chief Executive Officer and MD of GDI said: “GDI is very pleased to have secured this important financing facility from QIB. This financing arrangement will facilitate a better reorganization of GDI’s current debt and help sustain GDI during a period of challenging industry conditions. This deal will also put GDI in a position to capitalize on opportunities arising as market conditions improve. We are also thankful for the professional cooperation and support extended by QIB to conclude this landmark deal”.
Mr. Bassel Gamal, Group Chief Executive Officer of QIB stated “QIB has become a leading financier to the energy sector capable of delivering structured Islamic solutions that match our clients sophisticated needs while ensuring careful credit risk management. QIB is pleased for the opportunity to provide GDI with this milestone financing which is fully aligned with our objective of supporting national players. We have had a long and fruitful relationship with GDI and are committed to supporting the company. GDI has a significant role to play in the development of the oil and gas industry in Qatar and has a proven track record as a market leader in its field”.
In May 2004, Gulf Drilling International Limited (GDI) was established as the first onshore and offshore oil and gas drilling company in Qatar. GDI was formed as a joint venture between Qatar Petroleum (QP), Qatar’s national oil company, and Japan Drilling Co. Ltd (JDC). In July 2007, QP acquired 25% shares of JDC, raising its ownership in GDI to 70%. In February of 2008, all shares of QP were transferred to Gulf International Services QSC (GIS), a public shareholding company established in February 12th, 2008 and listed on Qatar Exchange. In May 2014, GIS acquired all remaining JDC shares in GDI to make it a 100% Qatari owned company. GDI is a World Class Drilling Company and a market leader in Qatar that focuses on providing safe, efficient and cost effective Drilling, Lifeboat and Jack-up Accommodation services.