DOHA - Gulf International Services (GIS) yesterday announced a net profit of QR149.8m for the period from February 12 to June 30. The company's Earnings per Share (EPS) for the period stood at QR1.22.
The company was incorporated in February by Qatar Petroleum (QP) as a holding company comprising Gulf Drilling International (GDI), Gulf Helicopters Company (GHC) and Al Koot Insurance and Reinsurance Company (Al Koot).
The company announced several initiatives in June including the possibility of Al Koot obtaining a credit rating which would allow it to offer insurance and risk management services to firms outside the QP Group.
GDI, which currently owns five offshore jack-up drilling rigs and four onshore rigs, intends to increase market share in terms of drilling activity. This would be done by exploring new markets like Africa, the rest of the GCC, India and the Caspian Sea.
GHC has opted to diversify its fleet of choppers and also increase fleet strength. By moving away from its all-Bell fleet, the company broadens its area of activities. GHC owns a 92 percent stake in Libya's Al Maha Aviation Company and also has an office in the UK, near London's Gatwick Airport.
GIS has an authorised 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 apiece.
© The Peninsula 2008
