Qatar-based drilling firm Gulf Drilling International (GDI) inked a five year contract, worth $227.92 million (QAR 830 million) with Occidental Petroleum of Qatar Ltd. (Oxy Qatar) for jackup Al-Wajba (275' ILC), with the deal commencing Jan. 1, 2015 when the current contract expires, the company said in a press release Tuesday.
The latest deal will be Al-Wajba's second with Oxy Qatar since the jackup first began working for the company in 2008. GDI currently has two more rigs under contract with Oxy Qatar.
“We are pleased to sign a new contract for the Al Wajba with Oxy Qatar ... GDI’s relationship with Oxy Qatar has proven to be mutually beneficial as its rigs are being used for drilling and workover of wells and in support of Oxy Qatar’s Minimum Facilities Platforms (MFP),” Ibrahim Jassim Al Othman, CEO of GDI said in the press statement.
"Over the last several years, GDI rigs have been used exclusively by Oxy for development of the Idd El Shargi (North and South Domes) and Al Rayyan fields, located offshore Qatar. Since the start of its drilling operations in Qatar in 1995, Oxy has considered the jacukps Al-Rayyan (300' ILC) and Al-Wajba to be among the best it has ever used." GDI added.
GDI has nearly doubled the size of its rig fleet as part of business expansion, with the company expected to have a 18 onshore and offshore drilling rigs by the end of 2015.
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