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Gulf International Services set to expand drilling services

Technology

Qatar-based Gulf International Services (GIS) has revealed it will be expanding its offering of oil and gas drilling services in the MENA region

Mohamed bin Saleh al-Sada, Qatari energy minister and chairman and managing director of GIS, detailed the company’s expansion plans following the announcement that its nine-month net profits had increased 44.3 per cent year-on-year to reach US$137mn.

Al-Sada said, “It [the drilling segment] is expected to witness ambitious growth in the coming years. Having already placed one of three new build jack-up rigs into service this year, two additional new build jack-up rigs plus a refurbished jack-up rig will be added to the fleet by the end of next year (for a grand total of nine jack-up rigs) along with a new build lift boat.”

Established by Qatar Petroleum (QP), GIS is a holding company which owns a 69.9 per cent stake in Gulf Drilling International (GDI), which specialises in the provision of contract land and offshore drilling services to oil and natural gas exploration and production companies.

Al-Sada added, “The group closed Q3 with year-to-date revenue of US$466.9mn, up 64 per cent on the year before and net profit of US$137mn, achieving the highest Q3 year-to-date results since inception and a 44.3 per cent year-on-year increase.

“GIS showed significantly improved results during the year. I am confident that with the company’s strong fundamentals and exciting and ambitious capital investment plans, the company will continue to grow and meet shareholders’ expectations,” he added.

GIS also works across a range of other industries such as insurance, fund management, barge accommodation, helicopter transportation and catering.

The company’s chief co-ordinator, Ebrahim al-Mannai, said, “The year-on-year improvement was driven by the ambitious growth plans across all segments. GIS has also achieved and exceeded its full year net profit budget of US$125.2mn.”

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