The Gulf International Services (GIS ) has completed the buyout of Japan Drilling Co. Ltd’s (JDC) 30 % shares in Gulf Drilling International (GDI).
The GIS said the price payable to JDC for the purchase of its 30 % stake in GDI was $157.7million.
“GIS is pleased to have concluded the purchase of JDC’s 30 % stake at a price that was under the expected price of $160m and looked forward to reaping the benefits of holding a 100% share of this up and coming company,” said Ebrahim Al-Mannai, chief coordinator, GIS.
The deal is being financed via an eight year bilateral loan agreement, obtained through local banks on highly competitive terms.
In April, GIS made a down payment of $153.6m to JDC, in accordance with terms on the Sale and Purchase Agreement. The outstanding balance of $4 million was paid to JDC in June.
