DOHA: The Gulf International Services (GIS), the largest service group in Qatar with interests in a broad cross-section of industries, announced one of the clients of its subsidiary Gulf Drilling International (GDI) will “release” one of its jack-up rigs currently working under contract, in early next month.
The decision is due to the sharp decline of oil prices, GIS said in a statement here yesterday. “Release” is a technical term used for the shifting of the rig if there are no jobs ready for them.
In addition, GDI have entered into negotiations to reduce the current rigs day rates of another client at that client’s request. Despite the excellent results of Q1, 2015, these reductions will negatively impact GDI’s 2015 financial year end results, GIS said. The company is working with other potential clients to secure a work contract for the released rig. Qatar Exchange will be informed accordingly of any impacts to the company’s financials.
