Gulf Drilling International (GDI), a leading drilling service provider, has closed a new QR 1.57 billion ($430 million) credit facility with a syndicate of three banks.

The mandated lead arrangers of the credit facility are Qatar National Bank (QNB), Samba Financial Group (Samba), and International Bank of Qatar (IBQ) 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 $538 million (QR1.96 billion) 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.

“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,” stated Saad Sherida Al-Kaabi, chairman of GDI.-TradeArabia News Service