Doha - Gulf International Services (GIS) the recently-listed holding company for Gulf Helicopters Company (GHC), Al Koot Insurance and Gulf Drilling International (GDI), has laid out its expansion plans.
Mohammed Sherif Al Sherawi, GIS Chief Coordinator, said the company foresees Al Koot obtaining a credit rating which would allow it to offer insurance and risk management services to third parties outside of the Qatar Petroleum (QP) Group.
He said: "GDI intends to increase its share of the market in relation to its core drilling activities, both by serving markets which it does not currently serve, including Africa, the Gulf region, India and the Caspian Sea." GDI curently own five offshore jack-up drilling rigs and four onshore rigs.
GHC is in the process of increasing the size and diversity of its fleet. Currently, GHC owns 27 helicopters, mostly manufactured by Bell of the US. "In its search to continuously improve its services and meet the increasing demand in Qatar, GHC entered into a purchase agreement and took delivery of the first of 10 new Agusta Westland AW139 helicopters in July 2007. By moving away from Bell as its sole supplier, GHC will be able to expand the geographic scope of its operations, which will in turn increase the marketability of its maintenance operations," said Al Sherawi.
GHC owns a 92 percent stake in Al Maha Aviation Company in Libya and also has an office in the UK, near London's Gatwick Airport. The company intends to bring the average age of its fleet from 10 years as its newly-acquired helicopters enter service..
The holding company's strategy is to maximise shareholder value by capitalising on its portfolio companies' competitive strengths and position in the servicing segment of Qatar's oil and gas industry, while pursuing attractive opportunities to expand other complementary businesses and create synergies between its companies.
According to the company's Articles of Association, GIS said the group structure is open to new companies operating in the servicing segment of Qatar's oil industry, such as well support and supply services. "Accordingly, GIS may enter into new ventures or acquire stakes in existing service companies falling under its primary scope of activity."
GIS has an authorized capital of QR10bn and a paid-up capital of QR1.23bn, divided into one special share and ordinary shares with a nominal value of QR10 each. It was incorporated February 12 this year.
© The Peninsula 2008
