GulfBase Live Support
Leave a message and our representative will contact you soon
13/04/2015 08:04 AST
Gulf Drilling International (GDI), a subsidiary of Gulf International Services (GIS), yesterday said its net earnings will be “negatively impacted” due to the sharp decline in oil prices.
As a result of the sharp decline of oil prices, one of its jack-up rigs currently working under contract will be released by one of its clients in early May 2015, but GDI has entered into negotiations to reduce the current rigs day rates of another client at that client’s request, GIS said in a communiqué to the Qatar Stock Exchange.
“Despite the excellent results of first quarter of 2015, these reductions will negatively impact GDI’s 2015 financial year end results,” said a spokesman of Gulf International Services, which had in last year bought out the 30% stake held by Japan Drilling Corporation.
The company is working with other potential clients to secure a work contract for the released rig and the bourse will be informed accordingly of any impacts to the company’s financials, he said.
GDI’s net earnings stood at QR718.32mn or more than 60% of the GIS’s net profit of QR1.19bn and net revenues amounted to QR1.82bn or about 43% of the parent company’s revenue of QR4.26bn during the year ended December 31, 2014.
Global crude oil prices are at least 40% lower than the 2014 levels and it is expected to affect the rig sector with a lag. The weakness in the crude has had its fair share in the lower rig country, especially in the US, various reports suggest.
Gulf Times
05/11/2015
Gulf Drilling International (GDI) has received the winner’s award in the ‘Energy Sector’ during the “Arabia Corporate Social Responsibility Network” (ACSRN) award ceremony.
GDI is a subsidi
Gulf Times
27/01/2015
ulf Drilling International (GDI) has signed a contract with Gulf LiftBoat (GLB) for the provision of liftboat services to Dolphin Energy.
The contract covers services that commenced in Janua
Gulf Times
28/10/2014
Gulf Drilling International (GDI), a wholly-owned subsidiary of Gulf International Services yesterday said Qatar Petroleum (QP) has accepted its new jack-up drilling rig, the third such rig to be pre
Gulf Times
05/04/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
04/04/2018
Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o
The Peninsula
04/04/2018
Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than
Gulf News