Pinning hopes on the strength of the domestic oil and gas market, Gulf International Services (GIS) yesterday said its subsidiary Gulf Helicopters will deploy about a dozen helicopters in the next five to six years.
“Subject to prevailing market conditions, it is expected that 11 more helicopters will be deployed in the next five to six years,” according to GIS chairman and managing director HE Dr Mohamed bin Saleh al-Sada.
The almost doubling of the fleet indicates management’s belief in the strength of the domestic oil and gas market, and the significant number of viable and attractive international opportunities available, al-Sada, who is the Minister of Energy and Industry, was quoted as saying in the GIS annual report for 2014, which was released yesterday at the annual general assembly. It endorsed the board’s proposed dividend distribution of QR1bn, equivalent to QR5.50 per share, and representing 72.5% of the group’s net profit.
With the addition of six helicopters in 2014, Gulf Helicopters’ fleet expanded from only 31 in 2008 to 50 at the end of 2014.
GIS is the holding company of Gulf Drilling International (GDI), Gulf Helicopters, Al Koot and Amwaj Catering Service.
On GDI, al-Sada said the fleet expansion is continuing with four more assets currently under construction - one offshore jack-up rig, two onshore rigs, and one lift boat, due for delivery in 2015 and 2016.
In addition to expanding the offshore and onshore rig count by adding six more drilling rigs, the company has also diversified into providing accommodation barge and lift-boat services.
The insurance segment has grown by nearly 100% since 2008, largely due to its ambitious plans in the medical line of business.
“Going forward, Al Koot has plans to further grow its medical insurance business through new business development prospects,” he said.
On the future of Amwaj, he said it is “promising” as the company explores numerous initiatives to grow its catering, manpower and facility management services client base.