Oxy Qatar, GDI Pen $750 mln Drilling Contract

Occidental Petroleum Qatar has entered into a two year drilling contract with Gulf Drilling International for the use of the Al Rayyan rig. The value of the contract is estimated at approximately $750 Mln.

Steve Kelly, President and General Manager of Occidental Petroleum of Qatar Ltd (Oxy Qatar) and Ibrahim Jassim Al-Othman, CEO of Gulf Drilling International (GDI) Ltd, a subsidiary of Gulf International Services (GIS) have signed a contract to provide drilling services with the continued use of the Al Rayyan rig. This contract is set for a two year period until March 2015.

Oxy Qatar continues to use two drilling rigs Al Rayyan and Al Wajba for its extensive development programs of the Idd Al Shargi and Al Rayyan fields.

Steve Kelly President and General Manager of Oxy Qatar said:

“Over the past five years, Oxy Qatar has developed a strong working relationship with GDI which focuses on operational excellence and a proactive safety culture.  The results have been impressive, and Oxy Qatar is proud to have supported the establishment of GDI as a world class Qatari drilling company.  Our continuing partnership with GDI will be key to the success of our future development plans and we look forward to maintaining and further improving performance in the coming years.”

Ibrahim Jassim Al-Othman, CEO of GDI said:

“I am very pleased to sign yet another contract with Occidental Petroleum of Qatar Ltd for GDI. It represents the second consecutive contract using our Al Rayyan drilling rig, and is proof of an asset of value, that delivers the performance that Oxy demands. I am proud of the relationship we have nurtured that delivers benefits to our clients, our stakeholders and our company.

GDI’s offshore rig “Al-Wajba” on contract for drilling operations with OXY Qatar, resumed service after the completion of its major maintenance program.  Thus GDI has maintained 100% operating rate for all its rigs.

 GDI has started implementing its expansion plan, which includes construction and placing into operation of 3 offshore rigs in addition to new product line of accommodation jack-up barges. In the process GDI has also added new clients to their business in Qatar and continuously improved safety records to be the best in class. This has enabled the performance that is beyond expectations.