In 2009, GDI had another successful year achieving the corporate targets set for financial results. At operational level, we are pleased to see the improvements in rig downtime and crew turnover. In this issue of the newsletter, I would like to focus my message on some of the positive results obtained in 2009 as well as areas that warrant essential improvements. As always, your ideals and sincere efforts are always welcomed.
In 2009, GDI has had a successful year despite the ongoing international financial crisis. Gross Revenue, Net Income and Profitability for 2009 results exceeded and higher than those achieved in 2008.
In 2009, GDI achieved the best rig downtime records since its inception with a downtime of 1.2% compared to 3.21% in 2008. We believe that this will continue to improve once the state-of-the-art Asset Management System (MAXIMO) has been fully implemented as well as other initiatives such as safety and training have been conducted. The outlook for 2010 is a very positive one in terms of rig performance. GDI’s operational strategy complies with and is based on proven technology but it is a combination of technology, people, maintenance and processes that contribute to our goals of operational efficiency, reducing costs and increasing asset uptime.
The recorded safety achievement of a TRIR of 0.79 is below the IADC average for the Middle East of 0.89 for 2009 (based on the 3rd quarter average), there is still a lot of room for improvement. In 2010, our focus will be on improving safety standards by increase training and awareness both onshore, offshore and throughout our operations. As I have always stated, safety is our number one priority and we will need to work hard in the upcoming year to ensure that our results are on or below the targets set. Nothing is as vital to our operations as safety. Our ultimate desire is to create an ‘incident and injury free’ site. We proved that this is possible throughout the year with months where zero injuries or incidents were record.
Although, 2009 was overall a very positive year for GDI, we must continue to ensure that our rigs are well maintained in order to meet the highest standards of operational efficiency and improve our safety records. We will continue to work extremely hard in order to close the gap between where we are today, and what we know we can achieve with hard work and dedication.
I look forward to an exciting and challenging 2010 and as always, GDI will be committed to being an advocate for excellence, aspiring to be a World Class Drilling Services Provider.
Best Wishes,
Ibrahim J. Al-Othman
Chief Executive Officer