GIS to purchase Japanese company’s shares in GDI

GIGIS also holds 100 per cent of the shares of Gulf Helicopters Company, Al-Koot Insurance and Reinsurance Company and Amwaj Catering Services. (Image source: Gulf International Services)Gulf International Services (GIS) has entered into an agreement to purchase 30 per cent stake of Japan Drilling Company (JDC) in GDI

The terms of the share purchase agreement (SPA) stated that GIS will own JDC’s shares in GDI starting 1 May 2014, making GDI a wholly-owned subsidiary of GIS. The companies have, however, not disclosed how much is the deal worth, Gulf Times stated.

Mohamed bin Saleh al-Sada, chiarman of GIS, said, “This was an opportune time for GIS to increase its stake in GDI. GDI is now established as a world-class onshore and offshore drilling contractor.”

GDI is reportedly aiming to enhance its share of the offshore market to 50 per cent by 2015 from the present 40 per cent in the Gulf.

Yuichiro Ichikawa, president of JDC, said that one of the primary objectives of the joint venture was to transfer drilling rig technology and the capabilities of operating drilling rigs safely and efficiently from JDC to a Qatari company on a structured and sustainable basis.

“We are proud of GDI’s achievements over the past ten years and the self-sufficiency that it has achieved across all aspects of the business,” he said.

GDI and JDC have also signed a letter of intent (LoI), which provides for the exchange of further technical co-operation between the two companies and the promotion of mutually beneficial business opportunities.

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