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, released a brief statement regarding its subsidiary, Gulf Drilling International (GDI) stating that as a result of the sharp decline of oil prices, one of its jack-up rigs currently working under contract will be released by one of its clients in early May 2015.
In addition, GDI have entered into negotiations to reduce the current rigs day rates of another client at that client’s request. Despite the excellent results of Q1 2015, these reductions will negatively impact GDI’s 2015 financial year end results. The company is working with other potential clients to secure a work contract for the released rig. Qatar Exchange will be informed accordingly of any impacts to the company’s financials.