Qatar's GIS Says Oil Price Fall Hits Rig Business - Gulf Business
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Qatar’s GIS Says Oil Price Fall Hits Rig Business

Qatar’s GIS Says Oil Price Fall Hits Rig Business

The company said that one of its subsidiaries will release a contracted rig in May due to the oil price fall.

Qatari drilling rig provider Gulf International Services said on Monday that one of the customers of its subsidiary Gulf Drilling International would release a contracted rig in May because of the decline of oil prices.

The firm said in a bourse statement that GDI was also in talks to reduce day rates for the rigs of another client, at that client’s request.

“Despite the excellent results of the first quarter of 2015, these reductions will negatively impact GDI’s 2015 financial year-end results,” it said. “The company is working with other potential clients to secure a work contract for the released rig.”

The firm provided no concrete figures.

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