GDI takes possession of 8th jack-up rig for Oxy

Gulf Drilling International (GDI), which is all set to become a wholly-owned subsidiary of Gulf International Services, has taken possession of its eighth jack-up drilling rig, which will be pressed into service for Occidental Petroleum of Qatar (Oxy).The rig, which has been named Msheireb after a district in the heart of Doha, is being towed to Qatar where it will be prepared with upgrades to provide smooth and seamless duty to its client, Oxy, at the NKOM (Nakilat-Keppel Offshore and Marine) shipyard.“We are pleased to be receiving the first of two new rigs expected this year. The rig will undergo upgrade work in a shipyard as part of its mobilisation to incorporate client requested equipment and features,” according to GDI chief executive Ibrahim J al-Othman.“This is another step in our expansion plan to grow rig fleet and client portfolio,” he added.A QR865mn, five-year contract for this rig was earlier signed and GDI looks forward to many years of quality service to its valued clients with this rig, the company said.This is the third rig that GDI has under contract to Oxy, having already successfully deployed the Al Rayyan and Al Wajba jack-up rigs in support of their extensive development programme.The cumulative value of the three GDI rigs now under contract to Oxy stands at QR1.3bn.GDI’s market share at the end of 2012 was 86% of onshore operations and more than 40% of the offshore operations markets respectively. GDI is aiming to enhance its share of the offshore market to 50% by 2015, according to the company’s website.“With market conditions already strong and showing signs of further strengthening, we are evaluating additional opportunities for growth that, with further development, could lead to additional investments,” GDI chairman Saad Sherida al-Kaabi had said in the 2012 annual report.