GDI rig contract to be cancelled in May

Company says that falling oil prices are to blame

The falling oil price is causing problems for GDI.
The falling oil price is causing problems for GDI.

One of Gulf Drilling International’s (GDI) jack-up rigs currently working under contract will be released by one of its clients in early May 2015 as a result of the falling price of oil.

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,” said the company in a statement.

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

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