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MENAFN - The Peninsula - 29/01/2014

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(MENAFN - The Peninsula) Gulf Drilling International (GDI), a subsidiary of Gulf International Services (GIS), signed a new five-year contract with Occidental Petroleum of Qatar Ltd (Oxy Qatar) for the jack-up drilling rig "Al Wajba", in the presence of the Minister of Energy and Industry H E Dr Mohamed bin Saleh Al Sada.

The QR830m worth contract was signed by Steve Kelly, President and General Manager of Oxy Qatar, and Ibrahim Jassim Al Othman, Chief Executive Officer of GDI. The event was also attended by Saad Sherida Al Kaabi, Director of Oil & Gas Ventures at Qatar Petroleum.

Al Wajba first went to work for Oxy Qatar in 2008 and has remained continuously on contract to them. In addition to Al Wajba, GDI has two more rigs under contract to Oxy Qatar, making Oxy one of GDI's most significant clients.

Dr Al Sada, who is also the Chairman of GIS, congratulated GDI and Oxy Qatar for the signing of the agreement, which he described as a testament of GDI's strength and reliability.

Dr Al Sada said: "The extension of this contract highlights GDI's mission to become a world class drilling company with great emphasis on safety, operational efficiency, and high performance."

Kelly commented: "The signing of this extended-term contract for the Al Wajba drilling rig will support our development plans over the next five to six years. Oxy has made it a priority to support the establishment of GDI as a world-class drilling company. Building this capability in-country is a key strategy of our partner Qatar Petroleum, and one that we support wholeheartedly. We continue to demand the highest standards in safety and technical performance in order to implement our development plans successfully and meet the challenging goals we have set. "

Al Othman of GDI said: "GDI's relationship with Oxy Qatar has proven to be mutually beneficial as its rigs are being used for drilling and workover of wells and in support of Oxy Qatar's Minimum Facilities Platforms (MFP)".."

Over the last several years, GDI rigs have been used exclusively by Oxy for the development of the Idd El Shargi (North and South Domes) and Al Rayyan fields, located offshore Qatar. Since the start of its drilling operations in Qatar in 1995, Oxy has considered the Al Rayyan and Al Wajba rigs to be among the best it has ever used.

GDI has adopted a strategy of securing long term contracts with clients to provide them with stability of cost and uninterrupted operations. Continuity drives performance and safety standards, and permits innovative solutions that are more cost-effective.

GDI has plans to nearly double the size of its total rig fleet as part of its business expansion plan. By the end of 2015, GDI will have a total of 18 onshore and offshore drilling rigs, in just three years. This will reflect positively on the strategic goals the company has set for itself.

 






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