GDI has placed an order for a Pacific Class 400 jackup with PPL Shipyard PTE LTD ("PPL") for delivery in March of 2013. This marks the 3rd newbuild jackup rig that GDI has ordered in the last 12 months. The contract was signed by GDI Chief Executive Officer, Mr. Ibrahim J. Al-Othman and Dr. Benety Chang, Deputy Chairman of PPL Shipyard. The rig will come with accommodation for 150 persons, have a 75' cantilever outreach and be able to operate in water depths of up to 400' and drilling to depths of 30,000 feet. On delivery, this jackup will be the most technologically advanced drilling rig operating in Qatar. The total cost to place this rig into service is estimated at $250 Million.
The order with PPL marks one more segment of a $875 million business expansion plan that will result in GDI adding three new jackup drilling rigs, two land rigs and two jackup accommodation barges to its fleet over the next three years.
"We are pleased to be placing this order with PPL. We are most familiar with the PPL rig designs and consider them to be very suitable for the requirements of our clients here in Qatar. PPL is well known as a high quality rig builder and we are pleased to have placed our first order with them. I look forward to adding another high-spec premium rig to our fleet and am confident that this rig will perform to our clients' satisfaction," said GDI CEO Ibrahim J. Al-Othman.
By 2014, GDI will have eight offshore rigs in service, with five being of the ultra modern cyber variety, and six land rigs. Based on current rig counts, GDI's share of the Qatar offshore market will exceed 50 percent while its share of the onshore fleet will remain at 100 percent. GDI is therefore well on its way to becoming the premier provider of drilling rig and associated services in Qatar.
Dr. Benety Chang, Deputy Chairman of PPL Shipyard said, "We are pleased that Gulf Drilling International has chosen our latest proprietary Pacific Class 400 series, a proven design that has been well-accepted by the industry. Since the launch of this Pacific Class 400 series, five such jackups have been ordered with one unit delivered and operating in West Africa. Another rig will soon be delivered and is scheduled for deployment in Thailand.
"PPL Shipyard's ownership of the Pacific Class 400 design gives us the flexibility of design control and the ability to customize turnkey solutions to suit our customers' unique project requirements. Our ability to deliver early and meet Gulf Drilling International's commitments was an added attraction for this particular rig contract. We would like to thank Gulf Drilling International for their trust and confidence in PPL Shipyard and are committed to the timely delivery of this jackup rig. On completion, the rig would proceed to work in Qatar."
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