GIS looks to put idle rigs to work

Company has leased out one rig, with plans to find work for a second

The oil price fall is hitting EPC firms.
The oil price fall is hitting EPC firms.

Qatar firm Gulf International Services (GIS) has leased out one of its jack-up platforms, and is considering leasing out a second, it has announced.

In a statement, the company said its subsidiary Gulf Drilling International has been hit by the falling oil price, resulting in cuts to day rates and the release of a previously contracted rig.

Shares in the company have fallen by almost a fifth as a result, while customers have negotiated down rates by between 10% and 15%.

GIS said that two of its rigs were idle, but that the first has is scheduled to being short-term work in 2015, and will begin a longer-term project next year.

The second is being considered for work that will commence early next year.


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