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Gulf Drilling International Signs $925M Financing Facility with QIB

Source: 5/8/2017, Location: Middle East

Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, signs a US$ 925 million (QR 3.4 billion) structured Shari’a compliant financing facility with Gulf Drilling International Limited QSC (GDI). This new facility will be used to re-organize the company’s debt and further enhance its operational and financial performance. QIB successfully originated, structured and executed the transaction which used an innovative financing structure to meet the requirements.

Mr. Bassel Gamal, Group Chief Executive Officer of QIB stated “QIB has become a leading financier to the energy sector capable of delivering structured Islamic solutions that match our clients sophisticated needs while ensuring careful credit risk management. QIB is pleased for the opportunity to provide GDI with this milestone financing which is fully aligned with our objective of supporting national players. We have had a long and fruitful relationship with GDI and are committed to supporting the company. GDI has a significant role to play in the development of the oil and gas industry in Qatar and has a proven track record as a market leader in its field”.

Mr. Mubarak A. Al-Hajri, Chief Executive Officer and MD of GDI said: “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 capitalize 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”.

This financing facility follows QIB’s strategy which is closely aligned with Qatar’s National Vision 2030. As the leading Islamic Bank in the country, the Bank has provided Islamic financing solutions to several key entities that are contributing to the country’s GDP and are participating in the country’s development. The Bank has been actively involved in financing large projects in the energy, trade, industrial, infrastructure and construction industries while ensuring they participate in and contribute to the diversification of Qatar’s economy.

In May 2004, Gulf Drilling International Limited (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), Qatar’s national oil company, 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. GDI is a World Class Drilling Company and a market leader in Qatar that focuses on providing safe, efficient and cost effective Drilling, Lifeboat and Jack-up Accommodation services.

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