Quotes: US 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 satisfaction.

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
 Sep 22 2014 - Kuwait make strong start at AsiadArab Times
(MENAFN - Arab Times)  KUWAIT CITY Sept 20 (Agencies): Kuwaiti national teams for volleyball handball and basketball had a powerful start at the 17th Asian Games which officially started two ...

 Sep 22 2014 - West Ham 'inflict' fresh EPL misery on LiverpoolArab Times
(MENAFN - Arab Times) LONDON Sept 20 (AFP): Liverpool suffered a second successive Premier League defeat after losing 3-1 away to West Ham on Saturday. Brendan Rodgers's side had lost 1-0 at home to ...

 Sep 22 2014 - Ronaldo Bale combine for 5 in 8-2 routArab Times
(MENAFN - Arab Times) MADRID Sept 20 (AFP): Cristiano Ronaldo scored a hat-trick as Real Madrid equalled their biggest ever away win in La Liga with a 8-2 thrashing of Deportivo la Coruna on ...

 Sep 22 2014 - N.Korean lifter breaks recordArab Times
(MENAFN - Arab Times) INCHEON South Korea Sept 20 (Agencies): Hosts South Korea were the Asian Games' surprise first-day medal leaders on Saturday but they had to share the limelight with China and ...

 Sep 22 2014 - 'Enjoying the return to music'Arab Times
(MENAFN - Arab Times) NEW YORK Sept 20 (AFP): Releasing a new album near his 80th birthday Leonard Cohen cheekily addresses his age in the very first song intoning 'It's not because I'm old ... I ...

 Sep 22 2014 - QFC Authority Seeks Public View on Rule ChangesQatar News Agency
(MENAFN - QNA) Qatar Financial Centre (QFC) Regulatory Authority has released a consultation paper seeking public comment on proposed rule changes that amend the approved individuals regime (AI ...

 Sep 22 2014 - $88.5 Million Grant from Qatar for 'Recovery, Reconstruction' in DarfurQatar News Agency
(MENAFN - QNA) Qatar signed Monday an agreement at the Permanent Mission of the State of Qatar to the United Nations, to provide a grant of $88.5 million to the United Nations multi-partner trust ...

 Sep 22 2014 - HE the Premier Meets US AmbassadorQatar News Agency
(MENAFN - QNA) HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa Al-Thani met on Monday morning with HE Ambassador of the United States of America to Qatar Dana ...

 Sep 22 2014 - Kyrgyzstan Parliament Speaker Meets Qatari AmbassadorQatar News Agency
(MENAFN - QNA) Kyrgyzstan Parliament Speaker Asylbek Jeenbekov met Monday with Qatari Ambassador to Kyrgyzstan Mohammed Arar Omeer Alramazani Al-Nuaimi. They discussed bilateral relations and the ...

 Sep 22 2014 - CMU Qatar Opens 11th Year With Record 427 StudentsQatar News Agency
(MENAFN - QNA) Carnegie Mellon University in Qatar welcomed 112 new students for the 2014-2015 academic year, growing from an inaugural class of 41 students in 2004 to 427 students from 40 different ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help