GDI and Oxy Qatar sign QR830mn, 5-yr rig deal

Kelly and al-Othman sign the rig contract in the presence of HE al-Sada and al-Kaabi.Gulf Drilling International (GDI), a subsidiary of Gulf International Services (GIS), has signed a new five-year contract worth QR830mn with Occidental Petroleum of Qatar (Oxy Qatar).The contract is for the jack-up drilling rig “Al Wajba” to take effect on January 1, 2015, when the current contract expires.It was signed by Steve Kelly, president and general manager of Oxy Qatar, and Ibrahim Jassim al-Othman, CEO of GDI in the presence of HE the Minister of Energy and Industry Dr Mohamed bin Saleh al-Sada and Saad Sherida al-Kaabi, director (oil & gas ventures), Qatar Petroleum.Al Wajba first went to work for Oxy in 2008 and has remained continuously on contract with it. In addition to Al Wajba, GDI has two more rigs under contract to Oxy, making Oxy one of GDI’s most significant clients.“The extension of this contract highlights GDI’s mission to become a world class drilling company with great emphasis on safety, operational efficiency, and high performance,” al-Sada said.Over the last several years, GDI rigs have been used exclusively by Oxy for the development of the Idd El Shargi (North and South Domes) and Al Rayyan fields, located offshore Qatar. “The signing of this extended-term contract for the Al Wajba drilling rig will support our development plans over the next five to six years,” according to Kelly.GDI’s relationship with Oxy has proven to be mutually beneficial as its rigs are being used for drilling and work-over of wells and in support of Oxy’s minimum facilities platforms, which are fast-track solutions that allow Oxy to rapidly expand capacity building of offshore platforms, thereby saving time and cost, al-Othman said.In November last year, GDI had signed a QR865mn five-year contract with Oxy to press into service its newly acquired rig.GDI, which is aiming to enhance its share of the offshore market to 50% by 2015, has adopted a strategy of securing long-term contracts with clients to provide them with stability of cost and uninterrupted operations.GDI will nearly double the size of its total rig fleet as part of its business expansion plan. By the end of 2015, GDI will have a total of 18 onshore and offshore drilling rigs.“This will reflect positively on the strategic goals the company has set for itself,” the company said.