Gulf Drilling secures USD430m loan

09 Jun 2011

(MENAFN) Gulf Drilling International Limited’s (GDI) chairman, Saad Sherida Al-Kaabi, said that the company inked a credit deal worth USD430 million with three commercial banks, reported Arabian Business.

Al-Kaabi said that the loans would be utilized for expanding the company’s operations including two new hi-spec premium jack-up rigs, two new land rigs and the acquisition of a jack-up accommodation barge. The value of the expansion was estimated at USD538 million.

It is worth noting that the acquired credit should be paid over the course of ten years and four months.

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