Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar- GDI gets QR1.6bn QP contract extension  Join our daily free Newsletter

MENAFN - The Peninsula - 10/07/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Gulf Drilling International (GDI), a wholly-owned subsidiary of Gulf International Services (GIS) and the largest service group listed on the Qatar Exchange, announced yesterday that four of its contracts with Qatar Petroleum (QP), covering the provision of the onshore rigs "GDI-1", "GDI-2", "GDI-3" and "GDI-4", were extended for an additional five years with effect from the second quarter of 2014.

The cumulative value of these contract extensions, taking into account revised daily rates and income for ancillary services, is QR1.6bn.

These rigs have been working exclusively for QP in the Dukhan oilfields since they were first acquired.

The 1500hp rigs, GDI-1, GDI-2 and GDI-4, commenced operations in 2004, 2005 and 2006, respectively, while the 1000hp rig, GDI-3, began operating in 2008. While working for GDI, these four 4 rigs have combined to drill 172 wells, equating to 1.71 million feet of hole drilled, and have worked-over an additional 279 wells.

GDI is in the process of upgrading the equipment that is installed on these rigs, which will now include high volume centrifuges, larger power packages, shale shakers and additional camp accommodations to ensure top quality performance and QP satsfaction.


Ibrahim J Al Othman (pictured), GDI's CEO, said that the four contract extensions marked the third significant transaction that GDI has concluded with QP this year. The two previous transactions were the awarding of new contracts of five years each for two new land rigs (GDI-7 and GDI-8) and a new jack-up rig (Dukhan).

"I am pleased to have successfully secured these contracts at this time as they will positively impact our financial results starting this quarter and continue for the next five years," Al Othman said.

With GDI celebrating its 10th anniversary this year, Al Othman said: "It is time to recognise the fine support that QP has given GDI over the years. This 10-year milestone would not have been possible were it not for the support of QP. Working for QP has given GDI the opportunity to develop the skills, technology and competencies to become a world-class drilling service provider."

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.

 


The Peninsula




  MENA News Headlines
 Sep 25 2016 - Libya recovers USD127m from Lehman, Cornhill CapitalMENAFN
(MENAFN) Libya"s USD67bn sovereign fund recovered USD73mn from the bankrupt Lehman Brothers and uSD53.8mn from Cornhill Capital after legal battles.Additionally, the investment authority is involved ...

 Sep 25 2016 - EU grants €200mn for ongoing energy projects in EgyptMENAFN
(MENAFN) The EU will grant Egypt a €200mn for ongoing energy projects in the energy sector.Furthermore, the grant will help the country designs its new Integrated Sustainable Energy Strategy for ...

 Sep 25 2016 - For first time, UAE takes Asia Cooperation Dialogue chairEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) NEW YORK, 24th September, 2016 (WAM) – For the first time, the UAE has chaired the 34-member Asia Cooperation Dialogue. Dr. Thani Al Zeyoudi, Minister ...

 Sep 25 2016 - Dubai Cares pledges US$ 10 mn to education in emergenciesEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 24th September, 2016 (WAM) -- Dubai Cares, part of the Mohammed bin Rashid Al Maktoum Global Initiatives, has announced the creation of a new ...

 Sep 25 2016 - Obama vetoes Justice Against Sponsors of Terrorism ActEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) WASHINGTON, 24th September, 2016 (WAM)--US President Barack Obama vetoed the "Justice Against Sponsors of Terrorism Act" on Friday, warning that the bill ...

 Sep 25 2016 - Al Jaber presides UAE delegation at Annual Ministerial Meeting of Group of 77 and ChinaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) NEW YORK, 24th September, 2016 (WAM)--Dr. Sultan Ahmed Al Jaber, UAE Minister of State, has presided the UAE delegation at the Annual Ministerial Meeting of ...

 Sep 25 2016 - UAE- Hamed and Khalid bin Zayed offered condolences to the family of nation's martyr Saeed Al FalasiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 24rd September, 2016 (WAM) -- H.H. Sheikh Hamed bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince's Court and H.H. Sheikh Khalid bin Zayed Al ...

 Sep 25 2016 - UAE, ICRC sign agreement on humanitarian aid in YemenEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) NEW YORK, 24th September, 2016 (WAM)--The Ministry of Foreign Affairs and International Cooperation signed on a cooperation agreement on Friday with the ...

 Sep 25 2016 - One million Saudi visitors toured UAE last year: Saudi ambassadorEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 24th September, 2016 (WAM)--Dr. Mohammed bin Abdul Rahman Al Bishr, Saudi Arabia ambassador to the UAE, has said that about one million Saudi ...

 Sep 25 2016 - UAE- Abdullah bin Zayed hails UN Security Council role in maintaining international peace and securityEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) NEW YORK, 24th September, 2016 (WAM)--H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, said that the UAE ...

more...


 





Google

Easy Forex
 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help