Gulf International Services : GDI Sells Al-Doha Jackup for $1.3 Mn

Source Press
Company Star Matrix LtdQatar Petroleum 
Tags Asset Deals, Deals, Oil Services
Date April 16, 2019

() Tribune News network Doha Gulf Drilling International (GDI), a subsidiary of Gulf International Services (GIS), has sold the Al-Doha jackup to India’s Star Matrix for $1.9 million, the company announced in a statement on Tuesday. Delivered in 1981 by Mitsubishi Heavy Industries, the Mitsubishi MD T76J-Viii self-elevating, independent-leg cantilever jackup drilling rig Al-Doha has a long and successful operational history offshore Qatar. GDI has impaired the drilling rig Al Doha as declared in its 2018 financial statements due to being off contract and unmarketable in its present technical conditions. GDI, as part of its efforts to modernise its fleet and provide the most modern and efficient assets to its clients, decided to recycle the Al-Doha in an environmentally-responsible manner and in compliance with the Hong Kong International Convention for the safe and environmentally sound recycling of ships, the statement said. With the sale of the Al-Doha complete, the company will continue to operate eight jackups, eight land rigs, two liftboats, and one accommodation barge. The buyer, Star Matrix, is an international buyer of marine assets for recycling who has acquired over 130 vessels over the past 30 years.

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