Gulf Drilling International announces the closing of a US$430 million credit facility

Press release
Published May 23rd, 2011 - 06:54 GMT
During the signing ceremony
During the signing ceremony

Gulf Drilling International Limited (Q.S.C.) (GDI) announced today that it has closed a new US$430 million (QR 1.57 billion) credit facility with a syndicate of three banks.

The Mandated Lead Arrangers of the credit facility are Qatar National Bank S.A.Q. (QNB) , Samba Financial Group (Samba), and International Bank of Qatar Q.S.C (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 US$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 the State of Qatar, GDI is set to become the dominant drilling contractor in Qatar. The jack-up accommodation barge will also mark GDI’s first entry into the accommodation barge market.

Mr. Saad Sherida Al-Kaabi, Chairman of GDI said: “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. It is encouraging to see such strong participation coming from Qatari and GCC banks, as supporting our local banks is a priority.  I would like to take this opportunity to especially thank QNB for their continued support and cooperation in this and previous deals.”

Mr. Ibrahim J. Al-Othman, Chief Executive Officer of GDI said: “GDI is pleased to have assembled such a strong group of bankers, which underscores the strength of GDI’s financial backing. GDI is grateful to have QNB serves as the Facility Agent and Security Agent as they are most familiar with our operations, having served in similar capacities for two other syndicated loans and are the sole provider of two additional loans to GDI. At the same time, GDI welcomes the addition of two new banks, Samba and IBQ, who have not had prior relations with GDI, but have targeted GDI as a worthy client for their portfolio.”

Mr. Ali Shareef Al Emadi, QNB Group Chief Executive Officer, said, “I would like to express our pleasure to have been mandated to arrange this three bank club facility, which is in line with our objectives to support business development and growth in the country and the region. QNB is honored to be the Facility Agent and Security Agent and to act as one of the Mandated Lead Arrangers in successfully arranging this milestone transaction for GDI.  We have a long relationship with GDI and are in favor of continuously supporting the expansion of their lines of business and the achievement of their strategic plans.”

George Nasra, Managing Director of IBQ said: “We believe that GDI’s expansion plans will provide critical infrastructure for the further development of the oil and gas industry in Qatar. Financing such strategic development plans is a key component of our strategy, particularly with the expected surge of developments in the country. We are proud to support such a successful company as GDI, which has a proven track record as a market leader in its field. Our participation in this consortium of banks underlines our strong commitment to be a notable partner in the growth plans of Qatar today.”  

Mr. Nader Gadourah, General Manager of Samba Qatar said: “We are pleased to have been mandated to arrange this three bank club facility for a premier Qatari enterprise such as GDI which is in keeping with Samba’s strategy for growth in, and enhanced commitment, to Qatar and the wider region. As Mandated Lead Arranger, this is a landmark transaction marking a first step for Samba in what we hope will be a long lasting relationship with GDI. We wish GDI every success in the roll out of their expansion plan”.

Background Information

Gulf Drilling International Limited

On 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 corporation, 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, Q.S.C. (GIS) which became a public shareholding company in May 2008 and is listed on the Doha Market.

Qatar National Bank

Qatar National Bank (QNB), established in 1964 as the country’s first Qatari-owned commercial bank, has an ownership structure split between the Qatar Investment Authority (50%) and the private sector (50%).

QNB has steadily grown to be among the largest banks in the region and is by far the leading financial institution in the country, with a market share approaching 40% of banking sector assets.

QNB offers a full range of Retail, Corporate, Investment, Treasury, Wealth Management, and Islamic Banking products and services for individuals, corporate institutions and government entities in Qatar as well as internationally.

QNB has the largest distribution network in Qatar, comprising 44 branches and offices (including 3 mobile branches), in addition to 12 Islamic branches and offices operated by QNB Al Islami, and more than 160 ATMs.

QNB was the first conventional bank in Qatar to offer Shari'a-compliant banking products and services through QNB Al Islami, established in 2005.

QNB’s international presence is rapidly expanding to include new locations around the world to supplement the long established branches in London and Paris.  Currently QNB has presence in 23 countries including branches in Yemen, Oman Kuwait & Singapore as well as Representative Offices in Iran & Libya. An Islamic branch was recently inaugurated in Sudan, offering a full range of Islamic banking services and products.

Samba Financial Group

We are one of the region's largest and most acclaimed financial services groups with an unrivalled reputation for world class financial solutions comparable with the best in the world.

Since our inception, Samba has been leading the industry in innovation with a long list of industry firsts, playing a major role in the modern transformation of banking in Saudi Arabia. Indeeed, our world class services, market-leading products and superior technology have made us one of the most successful financial services brands and the most internationally acclaimed bank in Saudi Arabia and even the Middle East.

توقيف 41 شخصا في مظاهرات الجزائر

Published February 23rd, 2019 - 09:07 GMT
توقيف 41 شخصا في مظاهرات الجزائر
توقيف 41 شخصا في مظاهرات الجزائر

أعلنت المديرية العامة للأمن الوطني (الشرطة) الجزائرية، مساء الجمعة، توقيف 41 شخصا في مظاهرات شهدتها عدة مدن ضد ترشح الرئيس عبد العزيز بوتفليقة لولاية خامسة في انتخابات 18 أبريل/ نيسان القادم.

وأكدت إدارة الشرطة في بيان اطلعت عليه وكالة الاناضول أن عمليات التوقيف كانت بسبب “الإخلال بالنظام العام والاعتداء على القوة العامة وتحطيم الممتلكات” دون تقديم تفاصيل أكثر حول أماكن توقيف هؤلاء المتظاهرين.

والجمعة، استجاب آلاف المواطنين بعدة محافظات جزائرية، إلى دعوات للتظاهر تم تداولها عبر شبكات التواصل، ضد ترشح بوتفليقة (81 عاما) لولاية خامسة في انتخابات الرئاسة المقررة في 18 أبريل/ نيسان القادم.

واتسمت هذه المظاهرات بالسلمية في أغلب مناطق البلاد باستثناء حدوث مواجهات بين قوات مكافحة الشغب ومتظاهرين بوسط العاصمة خلال محاولتهم السير نحو القصر الرئاسي .

ووفق شهود عيان لجأت قوات الأمن إلى الغاز المسيل للدموع وتوقيف عدة أشخاص بعد تحذيرات للمتظاهرين وتعرضها للرشق بمقذوفات وحجارة قبل أن يتراجع المحتجون ويغادروا المكان.

وصبيحة اليوم نشر ناشطون معلومات عبر شبكات التواصل الاجتماعي حول توقيف عدد من زملائهم قبل بداية المظاهرات بالعاصمة.

وعلقت الرابطة الجزائرية للدفاع عن حقوق الإنسان (مستقلة) على بيان الشرطة بالمطالبة ب”الإفراج الفوري عن الموقوفين وان يتم احترام حق التظاهر سلميا” كما نشرت على صفحتها بموقع “فيسبوك”.


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