Gulf Drilling
International Signs $ 925 Million Structured Financing Facility
With QIB
May 08, 2017
Gulf Drilling International
Limited QSC (GDI), a subsidiary of Gulf International Services
and the main provider of oilfield service in Qatar, has recently
signed a US$ 925 million (QR 3.4 billion) structured Shari’a
compliant financing facility with Qatar Islamic Bank (QIB). This
new facility will be used to re-organize the Company’s debts and
further enhance its operational and financial performance. GDI
and QIB have successfully developed an innovative financing
structure that fulfills the Company’s requirements.
Mr. Mubarak Awaida
Al-Hajri, Chief Executive Officer and MD of GDI said: “GDI is
very pleased to have secured this important financing facility
from QIB. This financing arrangement will facilitate a better
reorganization of GDI’s current debt and help sustain GDI during
a period of challenging industry conditions. This deal will also
put GDI in a position to capitalize on opportunities arising as
market conditions improve. We are also thankful for the
professional cooperation and support extended by QIB to conclude
this landmark deal”.
Mr. Bassel Gamal, Group
Chief Executive Officer of QIB stated “QIB has become a leading
financier to the energy sector capable of delivering structured
Islamic solutions that match our clients sophisticated needs
while ensuring careful credit risk management. QIB is pleased
for the opportunity to provide GDI with this milestone financing
which is fully aligned with our objective of supporting national
players. We have had a long and fruitful relationship with GDI
and are committed to supporting the company. GDI has a
significant role to play in the development of the oil and gas
industry in Qatar and has a proven track record as a market
leader in its field”.
In May 2004, Gulf Drilling
International Limited (GDI) was established as the first onshore
and offshore oil and gas drilling company in Qatar. GDI was
formed as a joint venture between Qatar Petroleum (QP), Qatar’s
national oil company, and Japan Drilling Co. Ltd (JDC). In July
2007, QP acquired 25% shares of JDC, raising its ownership in
GDI to 70%. In February of 2008, all shares of QP were
transferred to Gulf International Services QSC (GIS), a public
shareholding company established in February 12th, 2008 and
listed on Qatar Exchange. In May 2014, GIS acquired all
remaining JDC shares in GDI to make it a 100% Qatari owned
company. GDI is a World Class Drilling Company and a market
leader in Qatar that focuses on providing safe, efficient and
cost effective Drilling, Lifeboat and Jack-up Accommodation
services.
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