Qatar's Gulf International Services (GIS) has leased out one of two jack-up drilling rigs whose contracts had gone idle and is also considering leasing out the second one, the oil services firm said yesterday.

GIS said in April that the decline in oil prices was hurting the business of its subsidiary Gulf Drilling International, leading to the release of one previously contracted rig and cuts in day rates.

GIS yesterday said two of its rigs were idle but one had already been booked for short-term work this year and a longer-term contract starting in the first quarter of 2016. The second rig is also being considered for work that may commence early next year.

The company also said its customers had negotiated cuts of between 10 and 15 per cent to daily operating rates of drilling rigs.-Reuters