Gulf Drilling International Ltd. Signs Drilling Rig Services Contract to Oxy Qatar

Doha, April 05 (QNA) -Gulf Drilling International Limited ("GDI") - subsidiary of Gulf International Services- announced that they have signed a contract to provide drilling rig services to Occidental Petroleum of Qatar Ltd. ("Oxy Qatar") using their Al-Rayyan (Gulf-2) Drilling Rig.
The contract was signed for Oxy Qatar s by President and General Manager Timothy Borgerding, whereas GDI s Chief Executive Officer Ibrahim J. Al-Othman, signed for his compnay.
The rig is now contracted for two years (commencing 23rd March 2011).
In the last year, GDI have invested in the refurbishment and upgrade of Al-Rayyan (Gulf-2) to ensure that it is fully suitable for the market s drilling requirements. GDI is confident that this investment will be profitable. The rig will have specifications aligned to International Standards, making it very competitive. GDI s contract with Oxy Qatar, a wholly owned subsidiary of Occidental Petroleum Corporation, provides an opportunity for GDI to demonstrate its ability to perform at world class levels.
It is worth to mention that the Gulf Drilling International Ltd. (GDI) operates as an onshore and offshore oil and gas drilling company in Qatar. The company was founded in 2004 and is based in Doha, Qatar. Gulf Drilling International Ltd. operates as a subsidiary of Gulf International Services Company.
Meanwhile Gulf International Services QSC (GIS) is a Qatar-based public shareholding company, whose principal activity is to act as a holding Company through the acquisition, establishment, lease, ownership, management, sale and/or holding of shares, assets and interests in companies operating in various sectors.
Qatar Petroleum holds 30% shares of GIS. As of February 12, 2008, Gulf International Services assumed control of Gulf Helicopters Company QSC (100%), AL Koot Insurance and Reinsurance Company SAQ (100%), and Gulf Drilling International QSC (69.99%), previously held by Qatar Petroleum. Gulf Helicopters provides helicopter transportation services in Qatar, the Middle East and North Africa. AL Koot Insurance and Reinsurance Company SAQ offers a range of insurance and reinsurance services to Qatar Petroleum and its subsidiaries and affiliates. Gulf Drilling International provides drilling and drilling related services to Qatar Petroleum Group and its international joint-ventures.