Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar- GDI gets QR1.6bn QP contract extension  Join our daily free Newsletter

MENAFN - The Peninsula - 10/07/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Gulf Drilling International (GDI), a wholly-owned subsidiary of Gulf International Services (GIS) and the largest service group listed on the Qatar Exchange, announced yesterday that four of its contracts with Qatar Petroleum (QP), covering the provision of the onshore rigs "GDI-1", "GDI-2", "GDI-3" and "GDI-4", were extended for an additional five years with effect from the second quarter of 2014.

The cumulative value of these contract extensions, taking into account revised daily rates and income for ancillary services, is QR1.6bn.

These rigs have been working exclusively for QP in the Dukhan oilfields since they were first acquired.

The 1500hp rigs, GDI-1, GDI-2 and GDI-4, commenced operations in 2004, 2005 and 2006, respectively, while the 1000hp rig, GDI-3, began operating in 2008. While working for GDI, these four 4 rigs have combined to drill 172 wells, equating to 1.71 million feet of hole drilled, and have worked-over an additional 279 wells.

GDI is in the process of upgrading the equipment that is installed on these rigs, which will now include high volume centrifuges, larger power packages, shale shakers and additional camp accommodations to ensure top quality performance and QP satsfaction.


Ibrahim J Al Othman (pictured), GDI's CEO, said that the four contract extensions marked the third significant transaction that GDI has concluded with QP this year. The two previous transactions were the awarding of new contracts of five years each for two new land rigs (GDI-7 and GDI-8) and a new jack-up rig (Dukhan).

"I am pleased to have successfully secured these contracts at this time as they will positively impact our financial results starting this quarter and continue for the next five years," Al Othman said.

With GDI celebrating its 10th anniversary this year, Al Othman said: "It is time to recognise the fine support that QP has given GDI over the years. This 10-year milestone would not have been possible were it not for the support of QP. Working for QP has given GDI the opportunity to develop the skills, technology and competencies to become a world-class drilling service provider."

In recent years, GDI has made several investments to expand and upgrade its land operations in and around Dukhan. In addition to its drilling rigs, GDI has a full complement of ancillary equipment that are used for transportation, rig moves, well site preparation, catering, communication and the drilling of water wells.

 


The Peninsula




  MENA News Headlines
 Feb 7 2016 - Palestinian throws petrol bomb at soldiers, shot dead: armyGulf Times
(MENAFN - Gulf Times) Palestinian teenager threw a petrol bomb at Israeli soldiers in the south of the occupied West Bank and was shot dead on Friday, the Israeli military said. At least two ...

 Feb 7 2016 - Syrians mass on Turkish border as regime advancesGulf Times
(MENAFN - Gulf Times) Up to 20,000 Syrians were stranded on the Turkish border Friday after fleeing a major Russian-backed regime offensive near Aleppo where a new humanitarian disaster appeared to ...

 Feb 7 2016 - Kerry 'in talks on ceasefire in Syrian civil war'Gulf Times
(MENAFN - Gulf Times) Talks are now under way about a ceasefire and humanitarian access for civilians in the five-year-old Syrian civil war and it will be clear within days whether that is possible, ...

 Feb 7 2016 - One year jail and fine for carrying unlicensed firearmGulf Times
(MENAFN - Gulf Times) A Doha criminal court has sentenced a citizen of a GCC country, in absentia, to a year in jail for possessing an unlicensed firearm.The court has also directed him to pay a fine ...

 Feb 7 2016 - Egypt ECMA refuses to cut MCDR chargesMENAFN
(MENAFN) The Egyptian Capital Market Association (ECMA) will cut the fees gained by MCDR for settling selling and buying operations using T+1 and T+0 mechanisms.Furthermore, ECMA wanted a reduction ...

 Feb 7 2016 - Advanced sewage treatment plant is operationalGulf Times
(MENAFN - Gulf Times) The first sewage treatment plant in Qatar to use advanced technology has become operational.The QR3.6bn Doha North Sewage Treatment Works (DNSTW), which will produce ...

 Feb 7 2016 - Ministry employees screened for diabetesGulf Times
(MENAFN - Gulf Times) The Ministry of Economy and Commerce (MEC), in association with Action on Diabetes (AoD), hosted a diabetes screening programme for its employees.The activity is part of a major ...

 Feb 7 2016 - 15 agricultural projects get financing approvalGulf Times
(MENAFN - Gulf Times) The Ministry of Municipality and Environment (MME), in co-operation with Qatar Development Bank, has approved the financing of 15 new agricultural projects at 1-1.5% interest ...

 Feb 7 2016 - Qatar- Ties reviewedGulf Times
(MENAFN - Gulf Times) Bangladesh Parliament Speaker Dr Shirin Sharmin Chaudhury met with Qatar's ambassador Ahmed bin Mohamed al-Dehaimi in Dhaka. Talks covered bilateral relations and ways of ...

 Feb 7 2016 - Qatar to host conference on problems of dual disability in MarchGulf Times
(MENAFN - Gulf Times) Qatar will host the second international conference to discuss the problems of the deaf and blind (dual disability), organised by the Doha-based Arab Union for the Blind. The ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help