GDI Signs Jack-up Accommodation Barge Services Contract with Dolphin Energy

Doha, July 21 (QNA) - Gulf Drilling International (GDI) and Dolphin Energy have signed a Letter of Award (LoA) covering the provision of jack-up accommodation barge services for a five-year term. Pursuant to the LoA, GDI will procure a new jack-up accommodation barge for services that are scheduled to commence upon delivery and acceptance of the vessel in Q4, 2015. The LoA documenting the award was signed by Adel Ahmed Albuainain, Dolphin Energy general manager and Ibrahim J al-Othman, GDI chief executive officer. Albuainain said, "We are delighted to sign this LoA with GDI. This long-term contract is an added value for both companies. In line with Dolphin Energys commitment to Health, Safety and Environment (HSE), this contract will minimise risk; no time lost and enhances safety for the offshore operations including shutdowns and maintenance services at DOL 1 and DOL 2. Moreover, securing the jack-up accommodation barge reduces mobilization costs, eliminating procurement risk and avoiding the market rate fluctuations. We will continue to work hard to make improvements where we can and demonstrate better performance where possible." The new vessel will be the 3rd GDI owned jack-up accommodation barge. GDI took delivery of its recent jack-up accommodation barge, Rumailah last month and that vessel has since been placed into service for another client in Qatar. GDI, which is a subsidiary of Gulf International Services (GIS), is the largest oilfield service company in Qatar. GDI also manages a jack-up accommodation barge for Dolphin Energy. For his part, GDI CEO Al-Othman said, "I am pleased to have secured this significant contract with Dolphin Energy as it will broaden our business footprint and enhance our long term profitability. GDI appreciates the excellent support that Dolphin Energy has given to GDI, to utilise the new jack-up accommodation barge to as a permanent solution". This new jack-up accommodation barge will increase the number of diversified assets in GDIs fleet to three owned and one managed. In addition to the three barges mentioned above, GDI also owns a jack-up accommodation barge that is working for another client in Qatar. These assets complement the current eight jack-up rigs and six land rigs that GDI is carrying in its fleet for drilling rig services. (QNA)