OXY Hires Its Third GDI Drilling Rig (Qatar)

Occidental Petroleum of Qatar (OPQL) and Gulf Drilling International (GDI) have signed a five year contract for OPQL to use GDI’s recently acquired drilling rig.

The contract was signed by Steve Kelly, President and General Manager of OPQL and Ibrahim Jassim Al Othman, Chief Executive Officer of GDI.

The total value of this contract is QR865 million ($237.6 million) .

This will mark the third rig that GDI has under contract to Occidental Petroleum of Qatar, having already successfully deployed the Al Rayyan and Al Wajba jack-up rigs in support of their extensive development program. GDI was recently commended by OPQL for the excellent performance of its rigs.

Steve Kelly President and General Manager of OPQL said: “Oxy Qatar has established a strong, mutually beneficial relationship with GDI over the past several years and our commitment to this third rig for a five-year period demonstrates our confidence in GDI’s ability to continue to support our development plans with an emphasis on safe and efficient operations.”

GDI’s Chief Executive Officer, Mr. Ibrahim J. Al Othman said:“We are pleased to supply a 3rd rig that will form an integral part of OPQL’s development plans. We have worked hard to gain the confidence of this valued client, and that is reflected by their request for additional rigs. Our mutual success is a glowing tribute to the strong relationship we have formed and we look forward to even greater achievements coming from this partnership in the future”.

The GDI’s recently acquired jack-up rig is designed to accommodate 116 people and operate in water depths of up to 300 feet with a rated drilling depth of 25,000 feet. The rig will be fully refurbished prior being placed it into service.

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November 07, 2013