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Joint Venture Drilling Contractor established in Qatar

2004-05-18

Following signing of the joint venture agreement between JDC and Qatar Petroleum(QP), the first Qatari drilling contractor "Gulf Drilling International Limited"(GDI) was established in Doha, Qatar. JDC holds 40% shares of the US$103.2 million capital stock in GDI while QP holds 60% shares.