Mar 31 2011 |
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GDI and Oxy Qatar sign rig deal
DOHA: Gulf Drilling International Limited (QSC.) ( GDI ) announced yesterday 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 by Timothy Borgerding, Oxy Qatar's President and General Manager, and Ibrahim J Al Othman, GDI 's Chief Executive Officer. The rig is now contracted for two years (which was commenced on March 23, 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.
GDI have built a strong relationship with Oxy Qatar over the past three years through the successful performance of its Rig Al Wajbah (Gulf-3). That positive experience has led to the acceptance of a second GDI Rig for Oxy Qatar's operations. The rig will work in the Idd Al Sharqi North & South Domes and Al Rayyan fields together with the Al Wajbah (Gulf-3).
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