Gulf Drilling International has closed a new QAR 1.57 billion credit facility with a syndicate of three banks.

The mandated lead arrangers of the credit facility are Qatar National Bank Samba Financial Group and International Bank of Qatar while QNB is also the facility agent and security agent.

The new credit facility which has a term of ten years and four months will be used to finance a projected USD 538 million business expansion plan that includes the construction of two new hi spec premium jack up rigs, two new land rigs and the acquisition of a jack up accommodation barge. In combination with its existing fleet which includes five jack up rigs and four land rigs all operating in Qatar, GDI is set to become the dominant drilling contractor in the country. The jack up accommodation barge will also mark GDI’s first entry into the accommodation barge market.

Mr Saad Sherida Al Kaabi chairman of GDI said that “These new investments will nearly double the value of GDI’s existing assets. This will help GDI pursue its strategic plans, to increase its share of Qatar’s drilling market and to diversify into complimentary lines of business.”

(Sourced from Trade Arabia)