No 13



QP And Japan Form Joint Drilling Company

Qatar Petroleum (QP) and Japan Drilling Company (JDC) on 23 March signed an agreement to form a joint company, Gulf Drilling International, with an investment capital of $258mn. QP will hold a 60% stake in the new firm and JDC 40%. GDI will begin operations in 2Q 2004 with one jack-up rig bought from JDC. Thereafter it will operate six rigs (four offshore jack-up and two land rigs), and will offer other support services,...