Gulf International Services (GIS), one of the largest service group in Qatar, with interests in a broad cross-section of industries, ranging from insurance, re-insurance, fund management, onshore and offshore drilling, accommodation barge, helicopter transportation, and catering services, announced yesterday that Gulf Drilling International (GDI), a subsidiary of GIS, has sold the Al-Doha jackup to Star Matrix Ltd. of India for $1.9m.
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. The rig operated as a core asset in GDI’s offshore jackup fleet and worked most recently for Qatar Petroleum until January 2018 before being stacked in Ras Laffan, 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 modernize 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. 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.
