Qatar Islamic Bank (QIB) has signed a $925 million financing facility with compatriot Gulf Drilling International Limited (GDI) to assist in the re-organization of the company’s debt.
This new facility, based on Islamic finance principles, will also be used to further enhance GDI’s operational and financial performance.
QIB said that it originated, structured, and executed the transaction which used an ‘innovative’ financing structure to meet requirements of the transaction.
Bassel Gamal, Group CEO of QIB, said: “QIB is pleased for the opportunity to provide GDI with this milestone financing which is fully aligned with our objective of supporting national players. GDI has a significant role to play in the development of the oil and gas industry in Qatar and has a proven track record as a market leader in its field.”
Mubarak A. Al-Hajri, CEO and MD of GDI, added: “This financing arrangement will help sustain GDI during a period of challenging industry conditions and help ensure that GDI is well positioned to capitalize on opportunities arising as market conditions improve. This financing facility follows QIB’s strategy which is closely aligned with Qatar’s National Vision 2030.”
Gulf Drilling International is a 100 percent Qatari- owned onshore and offshore oil and gas drilling company, which started out as a joint venture between Qatar Petroleum and Japan Drilling Co.