QIB Signs $ 925
Million Structured Financing Facility With Gulf Drilling
International
May 08, 2017
Qatar Islamic Bank (QIB),
signs a US$ 925 million (QR 3.4 billion) structured Shari’a
compliant financing facility with Gulf Drilling International
Limited QSC (GDI). This new facility will be used to re-organize
the company’s debt and further enhance its operational and
financial performance. QIB successfully originated, structured
and executed the transaction which used an innovative financing
structure to meet the requirements.
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”.
Mr. Mubarak A. 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 help sustain GDI during a period of
challenging industry conditions and help ensure that GDI is well
positioned 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”.
This financing facility
follows QIB’s strategy which is closely aligned with Qatar’s
National Vision 2030. As the leading Islamic Bank in the
country, the Bank has provided Islamic financing solutions to
several key entities that are contributing to the country’s GDP
and are participating in the country’s development. The Bank has
been actively involved in financing large projects in the
energy, trade, industrial, infrastructure and construction
industries while ensuring they participate in and contribute to
the diversification of Qatar’s economy.
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) which
became a public shareholding company in May 2008 and is listed
on the Doha Securities Market. 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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