Gulf Drilling International signs $925mn financing facility with QIB

This new facility will be used to re-organise the company's debt and further enhance its operational and financial performance

Gulf Drilling International has signed a $925mn (QAR3.4bn) structured Shari’a compliant financing facility with Qatar Islamic Bank.
Gulf Drilling International has signed a $925mn (QAR3.4bn) structured Shari’a compliant financing facility with Qatar Islamic Bank.

Gulf Drilling International (GDI) has signed a $925mn (QAR3.4bn) structured Shari’a compliant financing facility with Qatar Islamic Bank (QIB).

This new facility will be used to re-organise the company’s debt and further enhance its operational and financial performance. QIB originated, structured and executed the transaction which used a customised financing structure to meet the requirements.

Mubarak A Al-Hajri, GDI’s chief executive officer and MD was quoted in a press release as saying: “GDI is very pleased to have secured this important financing facility from QIB. This financing arrangement will help sustain GDI during a period of challenging industry conditions and help ensure that GDI is well positioned to capitalise on opportunities arising as market conditions improve.”

“We are also thankful for the professional cooperation and support extended by QIB to conclude this landmark deal,” he said.

In May 2004, GDI was established as the first onshore and offshore oil and gas drilling company in Qatar. GDI was formed as a joint venture between Qatar Petroleum (QP) and Japan Drilling Co. Ltd (JDC).

In July 2007, QP acquired 25% shares of JDC, raising its ownership in GDI to 70%.

In February of 2008, all shares of QP were transferred to Gulf International Services QSC (GIS) which became a public shareholding company in May 2008 and is listed on the Doha Securities Market.

In May 2014, GIS acquired all remaining JDC shares in GDI to make it a 100% Qatari owned company.

Based in Qatar, GDI focusses on providing safe, efficient and cost effective drilling, lifeboat and jack-up accommodation services.

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