OREANDA-NEWS. Gulf International Services Company announced that a new set of further effective measures are being taken by its subsidiary Gulf Drilling International to maintain and boost its asset utilization rates with the plunge in oil prices and falling global demand for drilling services.

In response to the reduced operating rates, GDI developed a mechanism wherein the operating rates are indexed to the crude oil prices enabling positive variation in the rates when the crude oil prices increase.

In addition to implementing several cost optimization initiatives to minimize the impact of the market downturn, GDI is exploring potential new business opportunities through out the GCC region.
GDI’s fleet consist of a total of twenty assets, out of which nine are offshore jack-up drilling rigs,eight onshore rigs, two lift-boats, and one accommodation jack-up.

Driven by low crude oil prices and reduced demand for drilling rigs worldwide, five offshore drilling rigs, one onshore rig, and one accommodation jack-up have been released from their existing contract with various client. In addition to the released rigs,one lift-boat is under repair after suffering a punch through and is not expected back in service until 2017.