HE al-Sada and other GDI officials take a tour of the new jack up drill rig.
By Santhosh V Perumal/Singapore
Gulf Drilling International (GDI), which is aiming to be a leading player in drilling services, has taken delivery of ‘Al Jassra’, one of the most technologically advanced offshore drilling rigs to work in Qatar.
The rig, which will set sail from Singapore’s PPL Shipyard by April 23 aboard a heavy lift carrier, is expected to touch the Qatari shores by the first week of May. The rig has been built in a record time of 15 months.
HE the Minister of Energy and Industries Dr Mohamed bin Saleh al-Sada, who is also the managing director of Qatar Petroleum, inaugurated the rig in the presence of GDI chairman Saad Sherida al-Kaabi, vice chairman Abdulrahman Ahmed al-Shaibi, CEO Ibrahim J al-Othman and other dignitaries.
Al Jassra is the first of three new offshore rigs being built for GDI, a subsidiary of Gulf International Services (GIS). The new rig supports the company’s growth plan, which aims at adding seven new rigs (three offshore, two onshore and another two accommodation barges) during this year.
“Once completed, this expansion plan will result in GDI owning five hi-spec, premium offshore rigs in its fleet, not only making it a leading provider of drilling rig services but also leading provider of accommodation barge and lift boat services.
The ‘BMC 375 Pacific Class’ Al Jassra rig, which has a life span of 30 years, will be pressed into service for Maersk Oil for exploration in Al Shaheen oil field, Qatar’s largest offshore oil field.
The rig comes with a 75-foot cantilever outreach and provide accommodation for 150 persons. It will provide the capacity and ability to drill the extended reach wells that are needed to access the long thin reservoirs of Al Shaheen field.
In February this year, GDI had entered into a QR770mn four-year contract with Maresk Oil.
“Qatar is witnessing unprecedented growth at all levels, especially in oil and gas sector. Building and launching this state-of-the-art drilling rig embodies Qatar’s growth and development,” al-Sada said.
The minister said GDI has taken major steps to keep pace with the rising demand, making it the leading provider of drilling services in Qatar.
“We expect GDI’s expansion plan to contribute significantly to the increased revenues of GIS, whose stock is traded on Qatar Exchange, thereby adding value to its shareholders,” he said.
Net revenues of GDI had grown 30 per cent to QR623.58mn and net profit by 66 per cent to QR154.85mn in 2012. GDI contributed 28 per cent and 32per cent of GIS revenue and profit respectively in 2012.
“This achievement (of adding Al Jassra) exemplifies the ambitious expansion plan of GDI. Receiving the drilling rig is a major step forward in that plan,” said al-Kaabi, who is also Qatar Petrolem Director, Oil and Gas Ventures.
“The inauguration of Al Jassra drilling rig allows us to show appreciation for the great achievement, before we embark on our next challenge, which is to commence drilling operations in Qatar,” according to al- Othman.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Green sukuk herald new era of environmentally responsible investment
New AAOIFI guidance on gold emphasises real deal
Malaysia is eyeing Qatar investment for Langkawi Island tourism growth
Al Rayan Bank UK opens its 1st office in Scotland
‘Qatar well on track for its PPP legislative framework’
Europe markets extend gains as investors shrug off Italy result
Qatargas achieves 36% fall in recordable injuries with zero lost time
Mideast family businesses need to grow in double digits every year: PwC
ABank may become wholly-owned subsidiary of Commercial Bank