Gulf Drilling International Agrees QR193m Deal with Derrick Services

Doha, June 15 (QNA) - Gulf Drilling International (GDI), a wholly owned subsidiary of Gulf International Services (GIS), announced Sunday that it has reached a deal worth QR193-million with Superior Derrick Services (SDS) for the construction of two new land rigs that will work for Qatar Petroleum under newly awarded contracts. The contract was signed by GDI Chief Executive Officer Mr. Ibrahim J. Al-Othman, and SDS owner and managing partner Rodney Verret. The 1500HP rig that is being ordered will be known as GDI-7 while the 3000HP rig will be known as GDI-8. These rigs will take 10 and 12 months, respectively, to be delivered at SDS's factory and are scheduled to be placed into service by GDI following their mobilization from the United States in the 3rd and 4th quarters of 2015 respectively, the company said in a press release. "GDI remains dedicated to delivering world class drilling rig services for all its clients, onshore and offshore," Al-Othman said. "GDI's land operations had improved considerably in recent years as a result of the business strategy to invest in this important segment of the business. We are looking forward with great anticipation to the day when each of these new assets is placed into operation in a safe and efficient manner. The addition of these two new rigs will positively impact GDI's profitability and long term sustainability." For his part, Verret said SDS is pleased with GDI's "significant order" and looks forward to providing it with high quality drilling rigs. "SDS has been in this business for over 40 years and has already delivered over 100 rigs. SDS is one of the few private companies capable of delivering complete onshore drilling systems from design concept to the well site. This is our first contract in Qatar and we look forward to building a long term relationship with GDI to be a viable option to provide further assets to their growing fleet," Verret said. When these new orders are filled, GDI's land rig fleet will total eight rigs, including five drilling rigs (one 3000HP rig, one 2000HP rig and three 1500HP rigs) and three workover rigs (all 1000HP). All eight rigs are under long term contracts to QP for drilling operations being conducted the onshore Dukhan field. At 3000HP, GDI-8 will be the largest land rig in GDI's fleet, capable of drilling extended reach wells and drill to greater depths. 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. In addition, it also has offices, accommodations, warehouses and work shop facilities that have recently been renovated and expanded to support this growing segment of its operations, including the ancillary equipment that will accompany the two rigs being ordered. (QNA)