Gulf International Drilling's Contracts Hit by Low Oil Prices

Gulf International Services (GIS or the group), the largest service group in Qatar, reported that a client of its drilling subsidiary, Gulf Drilling International (GDI) has released a jackup currently working under a contract due to the sharp fall in oil prices, the company said in a press release Sunday.

The Qatari drilling company is currently working with other potential clients to secure a work contract for the released jackup.

Separately, GIS is holding negotiations to reduce the current day rates of rigs for another client at the latter’s request.

"Despite the excellent results of 1Q 2015, these reductions will negatively impact GDI’s 2015 financial year end results," GIS said.

GDI's offshore drilling fleet comprises 10 jackups, data from Rigzone's RigLogix database indicated.


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