Gulf Drilling International (GDI) is set to be a wholly-owned subsidiary of Qatar-based shareholding firm Gulf International Services (GIS). According to a statement made by a GIS spokesman to the Qatar Exchange, GIS is buying out the 30% stake held by Japan Drilling Corp (JDC) in GDI for an undisclosed amount, wrote Gulf Times.
JDC is an international drilling contractor listed in the Tokyo bourse. The company supplies operational workforce to GDI through a technical services contract, the report detailed.
GIS has interests in a wide range of industries ranging from insurance, fund management, accommodation barge, onshore and offshore drilling, catering services, and helicopter transportation, the report stated.
GDI is a Qatar-based oil and gas drilling firm that provides drilling services on a daily basis. The company has also diversified to include accommodation barges and lift-boat services which are complementary to its existing operations, Gulf Times reported.
Saad Sherida al-Kaabi, chairman of GDI, said in the firm's 2012 annual report: "With market conditions already strong and showing signs of further strengthening, we are evaluating additional opportunities for growth that, with further development, could lead to additional investments."
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