GDI sells its 'Al Doha' jackup rig to India's Star Matrix for $1.9mn

(MENAFN- Gulf Times) Gulf International Services' (GIS) subsidiary Gulf Drilling International (GDI) has sold its 'Al Doha' jackup rig to India's Star Matrix for $1.9mn.

GDI has impaired the drilling rig 'Al Doha', as declared in its 2018 financial statements due to being off-contract and unmarketable in its present technical conditions.

With the sale of the 'Al Doha' complete, the company will continue to operate eight jackups, eight land rigs, two liftboats, and one accommodation barge.

Delivered in 1981 by Mitsubishi Heavy Industries, the Mitsubishi MD T76J-Viii self-elevating, independent-leg cantilever jack up drilling rig 'Al Doha' has a long and successful operational history offshore Qatar.

The rig operated as a core asset in GDI's offshore jackup fleet and worked most recently for Qatar Petroleum until January 2018 before being stacked in Ras Laffan, Qatar.

GDI, as part of its efforts to modernise its fleet and provide the most modern and efficient assets to its clients, decided to recycle 'Al Doha' in an environmentally-responsible manner and in compliance with the Hong Kong International Convention for the safe and environmentally sound recycling of ships.

The buyer, Star Matrix, is an international buyer of marine assets for recycling that has acquired over 130 vessels over the past 30 years.

Last updated: April 16 2019 07:59 PM

MENAFN1604201900670000ID1098399447